Pak Bans Use of Cryptocurrency for Trade

Story Highlights
  • Pakistan- new entrant in the list of countries that banned cryptocurrency.
  • The decision was taken by the Govt and the SBP.
  • A 38-page report on regulation of crypto was submitted to the SHC.

Pakistan: A major fall in the Crypto world was recorded after the Pakistan govt and State Bank of Pakistan (SBP) decided to ban the use of cryptocurrencies in the country. The ban was introduced through a 38-page report submitted by SBP Deputy Governor Seema Kamil on Wednesday to the Sindhi High Court which has been hearing the crypto case for long. The report said- Crypto is illegal and cannot be used for trade. A two-member bench headed by Justice Karim Khan Agha issuing its decision directed the order be forwarded to Finance and Law Ministries to determine the legal and constitutional status of the digital currency. The ministries are further demanded to determine if the ban would be within the jurisdiction of the constitution.

Regulation of cryptocurrency across Pakistan has been in limbo in the absence of laws and rules to regulate the use. The SHC in the month of October had provided a window of three months to regulate the digital currencies. The court had instructed the govt to submit a report on Wednesday, which cited eleven countries including China and Saudi Arabia that had banned the use of cryptocurrency.

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