Pakistan Cryptocurrency Pakistan to ban crypto currencies
Islamabad/UNI: The Pakistan government and the State Bank of Pakistan have decided to ban the use of all crypto currencies, a media report said.
The federal government and the SBP said this in a report submitted on Wednesday to the Sindh High Court (SHC), which has been hearing a case on digital currencies.
The report said that cryptocurrency is illegal and could not be used for trade, Samaa reported.
The Sindh High Court has ordered that the report be sent to the Finance and Law ministries to determine the legal and constitutional position of cryptocurrencies.
The two ministries would also determine if a ban against cryptocurrencies would be within the ambit of the Constitution.
The status of cryptocurrencies in Pakistan has been in limbo in the absence of laws and rules to regulate the use of these digital currencies for trade.
On October 20, the Sindh High Court told the federal government to regulate cryptocurrencies within three months.
The court directed the government to form a committee headed by the federal secretary of finance to determine the legal status of cryptocurrencies.
The court had instructed the authorities to come up with a report on the use of cryptocurrencies. The report was submitted to the Sindh High Court on Wednesday.
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