Tag: DIGITAL CURRENCY
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SBP to introduce digital currency in Pakistan with technical support from IMF, World Bank
In a media briefing held today in Karachi, Deputy Governor of the State Bank of Pakistan (SBP), Salimullah, announced that the central bank is currently evaluating the introduction of a digital currency. This project is being pursued with technical support from the World Bank, in collaboration with the International Monetary Fund (IMF). Salimullah highlighted that…
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Pakistan to launch digital rupee to reduce printing and distribution costs
The government has opted to introduce a digital currency as a strategic move aimed at reducing expenses associated with currency printing and distribution.
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Pakistan suspends cryptocurrency services to combat illegal transactions
The Pakistani government announced on Wednesday that it will suspend cryptocurrency services provided over the internet in the country in order to prevent illicit digital currency transactions.
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Bitcoin surrenders weekend gains, slides 5 per cent
Cryptocurrencies continued their steady decline on May 16, surrendering the gains made over the weekend as regulators loomed. European authorities have reinforced their warnings about the vulnerabilities of cryptocurrencies. Bitcoin slumped 5 per cent to roughly $29,700 in Asian trade on Monday, falling alongside markets amid concerns about burgeoning inflation and borrowing costs. As the…
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‘Stablecoin’ crashes, bitcoin set for a record losing run
Following the collapse of TerraUSD, a so-called stablecoin, resonated across markets, cryptocurrencies suffered significant losses on Friday, with bitcoin trapped below $30,000 and on track for a record losing streak. Concerns about high inflation and rising interest rates have prompted widespread dumping of hazardous investments, including crypto assets. However, sentiment is particularly shaky, as tokens…
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Crypto companies at risk of closure in the United Kingdom
A number of cryptocurrency businesses in the United Kingdom (UK) may be forced to shut down if they fail to register with the financial watchdog before a major deadline next week. Firms providing crypto services in the UK must register with the Financial Conduct Authority (FCA) by 31 March, 2022. The FCA is in charge…
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PayPal allows crypto buying and selling
PayPal has announced that its users in the United Kingdom (UK) will now be able to purchase, sell, and hold bitcoin and other cryptocurrencies starting this week, Reuters has reported. Customers will be able to buy bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or on the mobile app. “The pandemic has…
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Waqar Zaka claims he can settle Pakistan’s debt if given chance to run the country
Waqar Zaka has claimed that he can pay off Pakistan’s debt using crypto currency if given the chance to “run the country”. “I can pay off Pakistan’s debt using crypto[currency] but the condition is Imran Khan, should step down and let me run the country,” wrote the reality show host on social media. Zaka also…
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SBP could soon be launching digital currency in Pakistan
State Bank of Pakistan (SBP) Governor Dr Reza Baqir has said the central bank is carefully studying the options to launch digital currency in Pakistan. Speaking to a private media outlet, Baqir highlighted the role of the central bank in the wake of COVID-19 in Pakistan. He also talked about his vision to bring digitisation…