A country has been named where cryptocurrencies will be completely banned

The Pakistani government has announced its decision to suspend all types of cryptocurrency services available in the country.

Pakistan’s Finance Minister Ayesha Ghaus Pasha said in a speech to members of parliament that cryptocurrencies «will never be legalized in Pakistan». The minister told the senators that the state financial regulators have been instructed to initiate work on banning all types of cryptocurrency services.

At a briefing for the Senate Standing Committee on Finance, representatives of the Ministry of Finance, the State Bank of Pakistan (SBP) and the Ministry of Information Technology supported the government’s initiative.

Commenting on the decision, the Senate representatives emphasized that the ban on the circulation of cryptocurrency assets will be an important tool in the fight against money laundering and terrorist financing amid financial and political instability in the country.

The Pakistan Banks Association (PBA), under the auspices of the State Bank of Pakistan, has entered into an agreement with Avanza Group to create a public platform for the exchange of banking data eKYC based on the blockchain.

Last May, the SBP recommended a ban on cryptocurrencies. One of the country’s largest banks quickly followed the advice, asking customers not to use the bank for cryptocurrency transactions.