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HomeIndiaSBP asks PCB to devise a code of ethics for its franchisees...

SBP asks PCB to devise a code of ethics for its franchisees – SportsNews WAALI

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KARACHI: The State Bank of Pakistan (SBP) has asked the Pakistan Cricket Board (PCB) to devise a code of ethics for its franchisees, forcing them to abide by the laws while choosing international sponsors.

The SBP in a letter to the PCB has also expressed concern that a partnership with some foreign companies for the PSL could lead to an outflow of foreign exchange reserves from the country.

According to the SBP, he would welcome the PCB on successfully organizing PSL Season-8 as such events not only encourage sports activities in Pakistan but also raise the image of the country, internationally.

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However, the SBP said it has observed that the PCB has engaged Best Fintech Investment Coin (BFIC) as the “Official Technology Partner” of PSL Season-8.

“BFIC is a crypto currency and in terms of BPRD Circular No. 03 SBP dated April 06, 2018, all Banks / DFIS / Microfinance Banks and Payment System Operators / Payment Service Providers are prohibited from dealing in / promoting virtual currency,” he added.

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Hence, promoting crypto currency through the PSL-8 event would not only contradict the SBP’s stand but would also attract Pakistani spectators to enter the forbidden zone of crypto/virtual currency.

Similarly, the SBP has also noted that a prominent franchise of PSL-8 namely Karachi Kings has signed 1XBAT as a Titanium Sponsor. The 1XBAT appears to be a surrogate brand of the yes1XBET sports betting website that allows users to bet on a wide variety of popular sports such as cricket, football, basketball, volleyball etc.

Apparently, these two websites/domains are foreign controlled and hence any use of their services by resident Pakistanis would lead to an outflow of valuable foreign currency from the country.

As neither these entities, nor PCB have obtained any permission from SBP to take out of Pakistan any money earned by them from resident Pakistanis, any transfer of money from their operations in Pakistan will be in violation of the Foreign Exchange Regulations Act, 1947, the SBP mentioned.

Copyright Business Recorder, 2023


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