The Chief Executives of all

Exchange Companies and

Exchange Companies of ‘B’ Category

Dear Sir(s) / Madam,

Prohibition of Dealing in Virtual Currencies / Tokens

1. Virtual Currencies (VCs) like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings (ICO) tokens are not legal tender, issued or guaranteed by the Government of Pakistan. State Bank of Pakistan has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan.
2. In view of the foregoing, Exchange Companies and Exchange Companies of ‘B’ Category are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in Virtual Currencies/Tokens. Further, Exchange Companies and Exchange Companies of ‘B’ Category shall not facilitate their customers to transact in VCs/ICO tokens. Any transaction in this regard shall immediately be reported to Financial Monitoring Unit (FMU) as a suspicious transaction.
3. Please acknowledge receipt.