Bitcoin and other crypto currencies are not recognized as legal tender in Pakistan. The SBP has advised the general public that Virtual Currencies/Coins/Tokens (like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc.) are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan.
(more…)Tag: Bitcoin
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Bitcoin recovers after yesterday’s crash
KARACHI: Bitcoin has recovered on Wednesday after witnessed a decline below $30,000 a day earlier.
The bitcoin on Wednesday bounced back above $34,000 mark to trade as high as $34,367 in early morning trading. It last changed hands at $33,641.27, up 3 per cent on the day, according to CNBC.com
Smaller rivals also surged, with ether rising 6 per cent to $2,014 and XRP up 9 per cent at a price of 64 cents. The reason for the moves higher was not clear, but cryptocurrencies are known for their volatility.
Bitcoin had a solid start to the year, rallying to an all-time high of almost $65,000 ahead of crypto exchange Coinbase’s blockbuster debut and as institutional investors appeared to be warming to it.
But the world’s biggest digital coin has been on a roller-coaster ride since, almost halving in value amid a slew of negative news.
In China, authorities have been clamping down on bitcoin mining, the power-intensive process for validating transactions and generating new bitcoins. Over the weekend, Beijing’s crackdown on crypto mining extended to the hydropower-rich Sichuan province.
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Bitcoin plunges below $30,000; other cryptocurrencies mirror crash
LONDON: Bitcoin on Tuesday plunged below $30,000 after a crackdown launched by Chinese central bank.
Bitcoin made around 50 per cent losses since it hit an all time high in April this year.
The cryptocurrency has suffered several price falls in recent days, having traded above $40,000 just one week ago.
The world’s largest cryptocurrency dropped to $28,600, its lowest since early January, after giving up gains made during Asian hours. Its fall also pressured smaller coins such as ether.
Bitcoin tumbled 11 per cent on Monday, its largest one-day drop in over a month, with losses of nearly 30 per cent in the last week alone almost wiping out gains for the year-to-date. It was last down 2.3 per cent at $30,896.
The sell-off was sparked by the People’s Bank of China urging China’s largest banks and payment firms to crack down harder on cryptocurrency trading, the latest tightening of restrictions on the sector by Beijing.
Crypto exchanges were effectively pushed out of China by a 2017 rule change, but over-the-counter platforms based overseas have sprung up to receive payment from people based in China and buying cryptocurrencies on their behalf.
Independent.co.uk reported that several other leading cryptocurrencies have mirrored bitcoin’s latest crash, including Ethereum (ether), Cardano (ada) and dogecoin.
The market-wide crash took the overall market cap of all cryptocurrencies combined below $1.2 trillion for the first time since February. Half a trillion dollars has been wiped from the market in the last seven days alone.