Pakistan Central Bank Governor on Cryptocurrency: ‘The Potential Risks Far Ou...
The Pakistani central bank governor, Reza Baqir, recently revealed that his organization has determined the risks posed by cryptocurrencies “far outweigh the benefits.” The governor, however, suggested that if solutions that address these potential risks emerge, the central bank “is open to looking at them.” Crypto Said to Have No ‘Real Economic Benefits’ for Pakistan The governor of the State Bank of Pakistan (SBP), Reza Baqir, recently said his institution had concluded that the potential risks that are associated with cryptocurrencies....
Related News
The central bank of Pakistan does not see many good use cases for crypto. However, the regulator cites “a lot of misuses” of cryptocurrency around the world, “including human rights violations, trafficking of people, money laundering, and many other things.” Pakistani Central Bank Governor’s Stance on Crypto The governor of the State Bank of Pakistan (SBP), Reza Baqir, talked about cryptocurrency during a panel discussion at the 13th Karachi Literature Festival Sunday, Dawn newspaper reported. Asserting that crypto lacks good use cases, the....
The Kenyan central bank governor has once again told Kenyans to be wary of the risks that are associated with cryptocurrency transactions and trading. The governor also warned financial institutions supporting cryptocurrency transactions that they risk losing their licenses. Crypto Trading Beneficial to a Few The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has reiterated that his institution still opposes cryptocurrency transactions. The governor also suggested that Kenyan citizens must always be wary of investing in highly volatile asset classes such as....
State Bank of Pakistan governor Reza Baqir says the country is “waiting to burst as far as digitization is concerned.” The governor of the State Bank of Pakistan, Reza Baqir, has indicated that the institution is carefully studying the possibilities opened by central bank digital currencies.In an interview with CNN reporter Julia Chatterley on Thursday, Baqir noted that countries, such as China, are “already showing the way” when it comes to CBDC issuance, further outlining the motivations behind the central bank’s interest in CBDCs:“The benefit for us is twofold: Not only does [potential....
The governor of the Jamaican central bank has warned people using or who have plans to use cryptocurrencies to be mindful of the associated risks. The governor added that cryptocurrencies’ unpredictability means they cannot function as a medium of exchange.
Not Stable Enough to Be Good Means of Payment
The governor of the Bank of Jamaica, Richard Byles, has cautioned those using or planning to use cryptocurrencies to be mindful of the unpredictable nature of the assets. Byles also said he considers cryptocurrency an investment instrument rather than a medium of exchange....
The Securities and Exchange Commission of Pakistan has published a paper discussing cryptocurrency regulation in the country. Meanwhile, the central bank has reportedly confirmed that there is no cryptocurrency ban. Pakistan’s Crypto Regulation in the Works The Securities and Exchange Commission of Pakistan (SECP) has published a position paper on the regulation of cryptocurrency trading platforms. Besides discussing definitions and concepts of cryptocurrencies, the paper outlines different regulatory approaches adopted globally, including the recommendations by the Financial Action....