Bank Al Falah has circulated an SMS to its customers regarding the use of its platform for Cryptcurrency Transactions.
Bank AL Falah customers are receiving this SMS sent by Bank Al Falah that cryptocurrency is not a legal tender in Pakistan and State bank has not authorized or licensed any individual or entity to trade in cryptocurrency. hence customers must avoid the Bank Al Falah platform to do crypto-rated transactions.
The wording of the SMS sent by Bank AL Falah to its customers is given as under
“Dear Customer, Virtual Currencies/Coins/Tokens, etc. are not legal tender, issued or guaranteed by the Govt of Pakistan and State Bank of Pakistan (SBP) has not authorized or licensed any individual or entity for the same. Kindly avoid conducting such transactions from any channel pertaining to Bank Alfalah.”
This decision by BALF is floated at a time when Sindh High Court has been presented with the Cryptocurrency-related recommendations by the SBP committee formulated by SHC to analyze the benefits of losses of cryptocurrency for Pakistan.
The report presented by SBP committee declared cryptocurrency as harmful for the Pakistani economy as it has a regulatory body or not being monitored or controlled by anybody.
Further FIA has given notice to Binance and its correspondent here in Pakistan to investigate the account found involved in fraud applications that took away millions of dollars of Pakistanis.
On Dec 19, 2021, almost 11 applications that were involved in cryptocurrency gambling and betting ran away taking $100 Million of Pakistanis.
As cryptocurrency is not a legal tender and its price merely depends upon speculations than to stop using its platform or alternate delivery channels i.e debit card, credit card, or bank accounts for cryptocurrency selling and purchasing, Bank Al Falah has asked its customers to avoid using its platform.
BALF has not made it clear what consequences the customers will have to bear if any customer is found involved in transactions related to cryptocurrency.
Visit Bank Alfalah official website at this link