The State Bank of Pakistan (SBP) and the federal government have resolved to ban the use of all cryptocurrencies in Pakistan.
The central bank has submitted a report to a panel of the Sindh High Court (SHC) assigned to hear and administer decisions on the usability and viability of cryptocurrencies in the country. The report states unequivocally that cryptocurrencies are illegal and cannot be traded.
The Sindh High Court has ordered that the report be sent to the finance and law ministries for a final decision. It is expected that the law and finance ministries will soon determine if a ban against cryptocurrencies would be within the ambit of the Constitution.
The SHC has further directed the law and finance ministries to conduct a joint study of cryptocurrencies and to submit an inclusive report justifying whether the said financial instrument should be banned altogether or allowed to be used as a genuine store of value based on an acceptable legal framework. The top Sindh court expects the report to explore all possible avenues so that the uncertainty surrounding the future of cryptocurrencies in the country can be permanently resolved.
The report is expected to be presented before the Sindh High Court on 12 April.
This development comes a little over three months after the SHC initially ordered the government to regulate cryptocurrencies and constitute a committee under the federal secretary of finance to oversee the proceedings.
At that time, the decision was made in response to a petition to discuss and review the future of cryptocurrencies. The SHC directed concerned stakeholders to devise a regulatory model for governing and dealing with cryptocurrencies in Pakistan. The Court mandated all parties present to complete all formalities within three months and submit a detailed report on the matter in quick succession.
The government has made one of the worst decisions in recent history. Therefore, people will be able to leave the country, open accounts on other exchanges, and transfer their funds to other nations. In Pakistan, $20 billion dollars may be deposited, but the government seeks to halt the transaction. Alas!
The government should regulate crypto. Banning crypto is like shutting down internet. Its like closing your eyes in an event of danger. Ban won’t serve any good.
Wrong info . at least SHC ka notice tu read krlyty
Kindly share what is said in notice?
What a looser click bait article , nothing is decided by the poor author uses a catchy thumbnail . Tokra journalism!
It is the last chance for Pakistan to get out of IMF and FTFA control to regulate cryptocurrency and crypto mining and exchange and earn foreign exchange .
But unfortunately a mafia in Pakistan work for IMF they wont let it happen any thing which can make Pakistan grow will be put to stop.
100 agree
Exactly. Banks Mafia will oppose it. Banks are looting small depositors and serving elite business. Economy is in bad conditions but commercial banks profits are sky rocketing. Why and how it possible?
We shouldn’t be surprised by this. They have always been against new technologies
Huh, what else you can expect from such a poor administration of the country ?
This shall make it almost impossible for the government to regulate the transactions.
All transactions which the people want to do for any reason shall become untraceable.
If they do not understand this aspect of the technology, then you shall see the results.
In a way they are already available. Current transactions are not visible and future transactions shall be definitely made invisible to the government.
It is like the old time rules of banning foreign currency holdings and restrictions on foreign currency.
The people know very well how to deal with such restrictions and shall react accordingly.
To get more taxes, the economy needs to be facilitated with better efforts and research into the future.
If all you know is how to ban something, then it is not a facilitation. Just an act of regulation which might reduce the economy.
The net result of unnecessary regulation and unnecessary fear of new technology is a reduction of the future economic potential.
Go forward and make a CBDC instead of regressing due to fear of learning and bothering yourself to learn.
Criticizing is easy. Real efforts to learn and progress requires a lot from the people and society.
It is almost impossible for such type of Govt. to allow Crypto currencies. First almost no body in govt. actually knows how it works secondly it is not centralized currency so it will be against this financial system. No banks will allow it as they cannot use customer funds for sood (riba). Crypto currencies due to its extreme volatility it is uncertain that will have any future. If some billionaire invest in crypto it will increase the rate vs fiat currency but billionaire may take investment back without any restriction and make extreme profit and then what’s next is that it will decrease crypto value against fiat to extreme low. So it looks like gambling may be it is not but it looks