SBP after Bitcoin Traders in Pakistan after tip from FBR

FBR discovered recently that a large numbers of traders locally started Bitcoin transaction to undercover their legal documented transaction inorder to evade taxes and other government watch mechanism. It is also learnt that the Bitcoin is also used for money laundering and other purpose. FBR has found couple of traders involved in Bitcoin transaction having their accounts in local and foreign banks and they are mostly employees or connected with Telcos Businesses in Islamabad

Bitcoin is peer-to-peer unregulated money mechanism which got 400% growth in price in last December with per unit price at $2500. Although money countries have legalized it including UAE who is in process of implementing Block Chain as legal system of recording transaction in UAE. Perhaps, in Pakistan it is still a illegal form of money tender and is not allowed by State Bank of Pakistan

 

About the Author

Amin Lalani
Amin Lalani is a subject matter specialist in Internet Retailer with several articles and research paper published so far. He has done M.Phil from IoBM in Marketing with emphasis on Internet Retailing. Besides academia he has various other certification like SAP, Google Analytic, Microsoft Small Business Solution Provider and more.

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