The Pakistan Cricket Board (PCB) has been instructed by the State Bank of Pakistan (SBP) to check for gambling and cryptocurrency advertisements on the jerseys of players currently competing in PSL-8.
The central bank has additionally emphasized the need for creating an ethics code with the requirement that franchises adhere to current regulations when choosing foreign sponsors.
It was said that PCB had hired Best Fintech Investment Coin (BFIC) as the “Official Technology Partner” of Pakistan Super League (PSL) Season 8 according to a letter sent by the central bank’s Exchange Policy Department to PCB’s Chief Operational Officer.
According to the SBP, BFIC is a cryptocurrency, and all banks, DFIS, microfinance institutions, and payment system operators and payment service providers are forbidden from trading in or promoting virtual currencies under the guidelines of the SBP’s BPRD Circular No. 03 from April 6, 2018.
This sums up SBP’s regulatory approach on cryptocurrency and virtual assets. Consequently, marketing a cryptocurrency through the PSL season 8 event would not only go against the foregoing position but would also persuade Pakistani spectators to engage with the illegal world of virtual and crypto currencies.
The letter further mentions that 1XBAT has signed up to serve as the Titanium Sponsor for Karachi Kings. 1XBAT looks to be a clone of 1XBET, a sports betting website that lets customers wager on a range of well-liked sports.
According to the letter, both of these websites/domains are apparently under foreign control, and as a result, any use of their services by Pakistanis living there would cause a loss of the nation’s valuable foreign currency.
Any movement of monies from their operations in Pakistan will be in violation of the Foreign Exchange Regulations Act of 1947 since neither of these firms nor PCB has obtained clearance from SBP to do so.
The central bank has also asked PCB to make sure that these platforms don’t provide any services in Pakistan, as doing so will lead to a loss of money in Pakistan (even through informal channels).
PCB reacts to the central bank —
BFIC has already been dropped as the official technology partner, according to a PCB representative, and the Board is categorically opposed to the marketing of alcohol, cigarettes, gambling, and betting. He said that this restriction is being observed by all sponsors.
Rejecting the claim that 1XBAT is a betting website, the spokesman claimed that Pakistan Television Corporation (PTV) would not have agreed to a contract with 1XBAT if the latter was connected to any suspected activities.
