Urdubit Exchange Shut Down

All Bitcoin withdrawals from the exchange were closed on April 8 at midnight
10 April 2018   770

On April 6, 2018, Muhammad Akhtar Javed, director of the State Bank of Pakistan, has published a Banking Policy and Regulations Department circular entitled "Prohibition of Dealing in Virtual Currencies/Tokens." It was stated in a circular that Virtual Currencies like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings tokens are not legal tender, issued or guaranteed by the Government of Pakistan. SBP has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan.

In view of the foregoing, all Banks/ DFIs/ Microfinance Banks and Payment System Operators (PSOs)/Payment Service Providers (PSPs) are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in Virtual Currencies/Tokens.

Muhammad Akhtar Javed

Director, State Bank of Pakistan

Following the announcement, the cryptocurrency exchange Urdubit, headquatered in Pakistan, has published a notice stating that it is shutting down. The exchange recommended the users to buy BTC instantly and withdraw PKR immediately as the exchange was cancelling orders on order book. 

Urdubit NotificationUrdubit Notification

On April 8 the exchange has written in its Twitter account that Urdubit is closed. All Bitcoin withdrawals were closed on April 8 at midnight. It asked the users to withdraw the funds, and if they didn't, Urdubit stated that it will not be held liable for it.

Coinbase US Customers Can Convert Crypto to Gift Cards

Coinbase customers received interesting proposal right before Christmas gifts purchase time
11 December 2018   42

The largest US cryptocurrency company Coinbase announced the expansion of partnership with a London startup WeGift.

Using the Coinbase wallet, American users can buy gift certificates from dozens of retailers, including Uber, Nike and Gap.

To do this, users need to visit the website of the WeGift service and associate it with the Coinbase wallet. As a bonus, when purchasing gift certificates, users do not have to pay a withdrawal fee.

Earlier, this opportunity from Coinbase and WeGift was available only in a few EU countries.