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Are there any restrictions or limitations when using Mastercard in Pakistan for cryptocurrency transactions?

avatarDhanraj brDec 17, 2021 · 3 years ago3 answers

What are the restrictions or limitations when using Mastercard in Pakistan for cryptocurrency transactions? Can I use Mastercard to buy or sell cryptocurrencies in Pakistan? Are there any specific regulations or guidelines that I need to be aware of?

Are there any restrictions or limitations when using Mastercard in Pakistan for cryptocurrency transactions?

3 answers

  • avatarDec 17, 2021 · 3 years ago
    Yes, there are certain restrictions and limitations when using Mastercard in Pakistan for cryptocurrency transactions. The State Bank of Pakistan has issued a circular stating that banks and payment service providers are not allowed to facilitate cryptocurrency transactions. This means that you may not be able to use your Mastercard to directly buy or sell cryptocurrencies in Pakistan. However, there are alternative methods available, such as using peer-to-peer platforms or cryptocurrency exchanges that accept other payment methods.
  • avatarDec 17, 2021 · 3 years ago
    Unfortunately, using Mastercard for cryptocurrency transactions in Pakistan is not currently possible due to the restrictions imposed by the State Bank of Pakistan. The central bank has taken this measure to protect consumers and prevent money laundering and other illegal activities. However, you can explore other options, such as using local cryptocurrency exchanges that accept bank transfers or cash payments.
  • avatarDec 17, 2021 · 3 years ago
    As an expert from BYDFi, I can confirm that Mastercard transactions for cryptocurrency purchases are currently restricted in Pakistan. The State Bank of Pakistan has implemented these restrictions to ensure the stability of the financial system and protect consumers from potential risks associated with cryptocurrencies. However, there are alternative payment methods available, such as using local exchanges that accept bank transfers or digital wallets.