State Bank Raises Objection to Cryptocurrency Sponsors in PSL
Cricket pundits say this is first PSL has turned into controversy since return of Najam Sethi, who is being accused of gambling
The State Bank of Pakistan has raised objections to cryptocurrency sponsors of Pakistan Super League (PSL) Season 8, the central bank has written to the Pakistan Cricket Board (PCB). Cricket pundits say this is the first PSL that has turned into controversy since the return of Najam Sethi, who is being accused of gambling.
State Bank of Pakistan has written a letter to the Pakistan Cricket Board (PCB). In which the State Bank has asked the PCB for an explanation of the sponsors of cryptocurrency.
According to the letter, State Bank has objected to cryptocurrency sponsorship of PSL Season 8. State Bank has also objected to Best Fintech Investment Coin Cryptocurrency.
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The State Bank says that since 2018, all banks in the country have been banned from dealing in cryptocurrency.
In its letter, the central bank has objected to the fact that advertisements of cryptocurrency companies are being run in PSL Season 8 to grab the attention of cricket fans. Which is a violation of State Bank Rules dated 6 April 2018.
State Bank has also raised an objection to Karachi Kings’ titanium sponsor OnexBet. This company bets on various sports.
According to the State Bank, such sponsorship will increase the investment of Pakistanis in foreign companies and affect Pakistan’s foreign exchange reserves.
