Reading between the lines in this State Bank memo I noted the following points and questions:
1. State Bank can only regulate the financial institutions, therefore this memo has not been addressed to the general public. Now my question is which financial institution was currently trading in cryptos? Therefore, this memo is redundant.
2. When enumerating the cryptos they were careful not to mention Ethereum and Ripple, the second largest and the third largest crypto. Because I think they know that Ethereum is being used by Smart Contracts, and Ripple is being used by international banks.
3. They are saying that it is not legal tender, but who was saying it is legal tender? Crypto's currently are being defined as a new asset class, not as a legal tender. By the way Dollar is also not legal tender in Pakistan.
4. The memo is very carefully worded because they know under the constitution and law they cannot regulate a asset class. Even SEC cannot regulate utility token because they are not securities, but deferred sale of services.
5. By end of 2018 when all the international banks will be using Ripple and Ethereum what will they do?
6. A number of newspapers are reporting on the bases of this memo that that the crypto's have been banned by State Bank. As you can see in this memo that that they only prohibited the financial institutions to deal in cryptos, which they were not doing in the first place.
7. As a IT expert I give you my prediction, that in a few years State Bank itself will be the biggest crypto dealer, then we will forever quoting this memo :)
8. Ethereum, Ripple, etc. are global new asset class, State Bank or for that matter any other institution cannot regulate it even if they tried. It is just like PTCL tried to regulate international calls, but now after whatsapp, etc. no one even talks about it.
9. No one can stop the march of technology let alone people who don't understand it.
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Posted by: Zia Khan <ziaukhan@hotmail.com>
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