Govt, SBP recommend ban on cryptocurrency in report to SHC 

Published: 04:58 PM, 12 Jan, 2022
Govt, SBP recommend ban on cryptocurrency in report to SHC 
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In their report submitted to the Sindh High Court, the federal government and the State Bank of Pakistan have recommended a complete ban on the crypto currency while the court has sent the report to the ministries of law and treasury for the perusal of all legal aspects involved in this business, reported 24NewsHD TV channel. 

The Sindh High Court on Wednesday heard a case regarding regularizing the crypto currency business in Pakistan

During the hearing, a report from the federal government and State Bank was submitted to the court which recommended a complete ban on crypto currency in the country. 

According to the report, nobody could be allowed to indulge in digital money business as it was illegal. 

The court ordered to send the report to the treasury and law ministries so that both the ministries took into the consideration all legal aspects of the crypto business. 

The Sindh High Court has directed the ministries to decide about the legal position of the digital money business in three months.

Justice KK Agha said in case of outlawing the business, the government should also apprise the court. And in case of regularizing it, a legal framework must be prepared.

The law enforcement agencies should themselves determine the status of crypto currency, the court directed adding that the concerned institutions should take action according to law.

Earlier, a two-judge bench of the Sindh High Court headed by Justice Muhammad Iqbal Kalhoro sent the crypto currency case back to the bench comprising Justice KK Agha who previously heard the case. 

During hearing, Justice Kalhoro remarked that thousands of people lost their money in the crypto fraud. 

However, petitioner Waqar Zaka contended that nobody was being swindled saying that people were spreading rumours only. He said Japan too had legalized the crypto currency and America and other countries had accepted this software based business. He lamented that the FIA was registering cases against people doing crypto business. 

After hearing his arguments, Justice Kolhoro sent the case back to Justice KK Agha’s bench. 

Reporter Bilal Ahmad