The Sindh High Court (SHC) has asked the Finance Ministry to submit its recommendations on the legal status of cryptocurrency in the country within two months.
The brief ruling came during a hearing of a petition seeking the legalization of cryptocurrency in Pakistan. The judges hearing the petition also expressed annoyance over the recently submitted by the Finance Ministry.
During the hearing, the bench grilled the lawyer of the Finance Ministry for submitting a poorly crafted report despite being given three months. The lawyer said that the Ministry has so far held two meetings with the relevant stakeholders in this regard.
The lawyer added that legalizing cryptocurrency in the country is a complicated matter and more time is required to find consensus on it. The bench grilled the lawyer and observed that the Finance Ministry is dragging on a simple matter unnecessarily.
While adjourning the hearing till 13 June, the bench ordered the lawyer to ensure the Finance Ministry submits the recommendations on legalizing cryptocurrency in the country at the next hearing.
Note here that while attending the inaugural Pakistan Blockchain Summit 2022 earlier this year in January, the former Science and Technology Minister, Shibli Faraz, had revealed that the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and Finance Division intend to legalize cryptocurrency and are working towards it.
If cryptocurrency become legalized in Pakistan it will be used more unlawfully for money laundering without any trails. The corrupt one will take the most advantage out of it. So in my opinion, it should be strictly ban until we streamline our legal judiciary system and shunt out all the corrupt lawyers and judges as they have played a major role in bringing Pakistan at the brinks of collapsing.
Its absolutely not …
According to add into your knowledge @jamail Akhtar..
Crypto currency is immutable open ledger on block chain with unique wallet which gives complete record of transactions and shows source of cryptocurrency….
It is a decentralized model which not only minimize exchange fees but also minimum time even in seconds…
Number 2 it is not only currency but also a future innovation technology movement metaverse reality gamin,NFT,health , Business,much more ….if you ban crypto it means you are banning technology movement in Pakistan which may lead to oldage home in the world 🌎.
SHC can go fu ck itself up. Zardari’s puppets!