Lahore High Court’s (LHC) Justice Jawad Hassan on Wednesday sought replies from concerned departments on a petition questioning the legality of cryptocurrency. The representatives of the departments were asked to discuss the matter and submit a report at the next hearing.
Earlier, the Federal Investigation Agency (FIA) had lodged an FIR against Dr. Muhammad Zafar on allegations of defrauding the public in the name of a so-called investment in cryptocurrency to an amount of over Rs. 260 million. The petitioner’s lawyer stated that the legal status of cryptocurrency in Pakistan and its regulating authority hasn’t been made clear, as of yet.
He further contended that there is no law pertaining to dealing with the cases of cryptocurrency in the country and hence, the court has no jurisdiction to deal with the matter. Earlier, an FIA official had also stated relevant concerns on facing problems in the cases of cryptocurrency in the country.
It should also be mentioned here that previously, LHC had constituted a committee to present its hypothesis and recommendations on the legal status of cryptocurrency in Pakistan. The body is comprised of officials of the State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR), and the FIA.
