Govt, SBP Decides to Ban All Cryptocurrencies in Pakistan

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Cryptocurrencies in Pakistan

The State Bank of Pakistan (SBP) as well as Federal government officials have agreed to prohibit the use of cryptocurrencies in all forms in Pakistan.

It has presented an account to an advisory committee that is part of the Sindh High Court (SHC) that is charged with hearing and executing decisions regarding the use and viability of cryptocurrency within the country. The report lays out clearly that cryptocurrency is illegal and are not able to be traded.

The Sindh High Court has ordered that the report be submitted to the law and finance ministries for a decision. It is anticipated that the finance and law ministers will soon decide whether a ban on cryptocurrency is within the scope in the constitution.

The SHC has also directed the finance and law departments to carry out a joint investigation of cryptocurrencies , and submit an all-inclusive report that explains whether the financial instrument is to be completely banned or permitted to function as a legitimate storage of value in unconstitutional legal guidelines. The highest Sindh court has asked to study the various options to ensure that the uncertainty over the future of cryptocurrency in the country will be forever addressed.

Also Read: Digital technologies can add Rs.9.7 trillion in Pakistan’s annual economic value by 2030

The report is scheduled to be filed before the Sindh High Court on 12 April.

This news comes just more than three months after the SHC initially directed authorities to oversee cryptocurrency and to establish a committee that would report to the secretary of finance for the federal government to supervise the process.

At the time, the decision was taken as a response to a petition that sought to consider and evaluate the future of cryptocurrency. The SHC instructed the concerned parties to develop a model of regulation to regulate and manage the use of cryptocurrency in Pakistan. The Court directed all parties to complete the formalities within three months and then submit an extensive report within a short time.

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