• Home
  • /
  • Banks
  • /
  • How to Buy Crypto with State Bank of Pakistan

How to Buy Crypto with State Bank of Pakistan

Last updated on November 12, 2023

Quick Summary: While State Bank of Pakistan does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Pakistan cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

State Bank of Pakistan Homepage

As mentioned in my quick summary, like most Pakistan banks, State Bank of Pakistan doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency exchange and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use Binance as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with State Bank Of Pakistan

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency trading platform

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with State Bank of Pakistan.

Buy Crypto With Binance

About State Bank of Pakistan

The State Bank of Pakistan (SBP) (Urdu bynkh dawlti pkhistn) is the Central Bank of Pakistan. The constitution, originally established by the State Bank of Pakistan Order 1948, was basically unchanged up to January 1, 1974 The Bank had to be Nationalized with a broader scope. activities was significantly expanded. Its Act of 1956, the State Bank of Pakistan Act 1956, along with later amendments constitutes the basis for its current operations.

The headquarters of the bank are located in the capital of finance of the country , Karachi. The bank is a 100% owned subsidiary, which is called SBP Banking Services Corporation (SBP-BSC) that is the operational branch that is part of the Central Bank with Branch Office in 16 cities across Pakistan including the capital city of Islamabad as well as those in the 4 Provincial Capitals Lahore, Karachi, Peshawar, Quetta.

In addition, the State Bank of Pakistan has additional fully owned subsidiaries in addition to the National Institute of Banking and Finance as well as the training department of the bank that provides instruction for Commercial Banks, the Deposit Protection Corporation and the controlling Pakistan Security Printing Corporation. Pakistan Security Printing Corporation.

It is also the State Bank of Pakistan also plays both traditional and development tasks to meet macroeconomic objectives. Traditional functions can be divided into two categories that are: 1.) The main duties include the issue of notes as well as regulation and supervision on the banking system including bankers’ bank as well as the lender of last option, banker to the Government and the conduct of the monetary policy. 2.) Secondary functions include the agency role, such as managing public debt, the management of foreign exchange and foreign exchange. Other functions including advising the Government on policy issues and maintaining close connections in the international finance sector.