SHC Seeks Reply from FIA for Taking Action on Cryptocurrency Trading

The Sindh High Court (SHC), on Friday, demanded a response from the finance secretary and the State Bank of Pakistan (SBP) over the Federal Investigation Agency (FIA)’s action against digital currencies.

The SHC was considering a petition against cryptocurrency trading filed by the FIA’s Cybercrime Wing. Rizwan Ali Qadri, a lawyer, questioned how legal action could be taken against cryptocurrencies in Pakistan if there is no legislation.

He remarked that the petitions concerning crypto trading continue to be heard, but the FIA has taken action.

After hearing the complainant’s lawyer’s opening arguments, the SHC bench requested a response from the secretary of finance, SBP, Securities & Exchange Commission of Pakistan (SECP), Director General (DG) FIA, and others.

FIA Cybercrime Wing IO, Farhan Ali Bilal, will also be summoned to appear on 21 February.

Previously, the SHC bench considered cryptocurrency prohibition and formed a high-power committee to provide a report on probable blockchain-protected transaction regulation.

The court sought the deputy governor of the central bank, the head of the Securities and Exchange Commission of Pakistan, the finance secretary, and the director of the federal investigation agency in their personal capacities, and formed a team to chart our suggestions within three months.