In a major development, the State Bank of Pakistan (SBP) has banned cryptocurrencies in the country.

While the volume of trading remains on the lower side in Pakistan, Bitcoin’s phenomenal rise in value during 2017 has tempted many to open accounts with various exchanges and trade.

Its acceptance at the merchant level in the country is negligible, but many users – at an individual level – are tempted to trade given cryptocurrencies’ spectacular rally in recent times.