Pakistan consider Banning Crypto Currencies

January 14, 2022

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The State Bank of Pakistan and the Pakistani government have recommended a total ban on the Crypto currency to the Sindh Supreme Court.

According to the details, great progress has been made in the digital cryptocurrency. A two-member panel chaired by Judge KK Agha heard a petition for digital cryptocurrency in the Sindh Supreme Court.

The government of Pakistan and the State Bank presented the report in court. The SBP and the Pakistani government have recommended a total ban on cryptocurrencies.

According to the report, cryptocurrency is illegal and trading in this currency cannot be allowed. The court ordered a report to be sent to the Ministry of Finance and the Ministry of Justice to review the legal aspects.

The court ordered the Ministry of Finance and the Ministry of Law to make a final decision within three months and inform the court . Sindh Highe Court has suggested that the legal framework for the ban should be prepared, while in the event that foreign exchange trading is authorized, law enforcement authorities should themselves decide on the current state of the corrupt currency, and the relevant agencies should act in accordance with the law.

The petition says Japan has legalized cryptocurrencies and the FIA has filed lawsuits against users of cryptocurrencies. Crypto Currencies should be recognized like the United States and other countries.