The Pakistan Cricket Board (PCB) has been asked by the State Bank of Pakistan (SBP) to investigate the issue of betting sites and cryptocurrencies being advertised as official sponsors of the Pakistan Super League (PSL).
Also, the central bank asked PCB to make sure that these platforms don’t provide any services in Pakistan.
SBP’s Letter to PCB Regarding Betting and Cryptocurrencies Sites as a Sponsor
It was noted that PCB had hired Best Fintech Investment Coin (BFIC) as the official technology partner of Pakistan Super League Season 8 according to a letter the central bank’s Exchange Policy Department sent to PCB’s Chief Operational Officer.
Be aware that BFIC is a cryptocurrency and that it is strictly forbidden in Pakistan.
All banks, DFIS, microfinance institutions, payment system operators, and payment service providers are not permitted to deal in or promote virtual currencies, according to SBP.
On the other hand, 1XBAT, which looks to be a stand-in brand for a sports betting website, 1XBET, has been signed as a titanium sponsor by Karachi Kings, another PSL franchise.
According to SBP, both of these websites/domains are under foreign control, and Pakistanis using them would cause a currency outflow.
The Foreign Exchange Regulations Act of 1947 would be broken by any transfer of money from the central bank’s operations in Pakistan, the central bank added.
PCB’s Response
According to a PCB representative, BFIC is no longer the official technology partner.
The cricketing association asserted that Pakistan Electronic Media Regulatory Authority (PEMRA) would have prevented Pakistan Television Corporation from signing an agreement with 1XBAT if the company was engaged in any fraudulent or questionable activities with regard to 1XBAT, the betting company.
To read our blog on “PSL’s Live Streaming Contract Allows Gambling and Betting,” click here.
