Committee Formed by SHC Asks for a Complete Ban on Cryptocurrency

The debate on cryptocurrency is making rounds in Pakistan regarding whether to ban it or not. Now recently, a committee formed by the Sindh High Court (SHC) submitted its report and suggested a complete ban on cryptocurrency and its trading in Pakistan. In response, a two-judge bench chaired by Justice Mohammad Karim Khan Agha ordered the committee to forward its report to the ministries of finance and law. Then, a final verdict would be made on whether cryptocurrency should be allowed in Pakistan or not.

SHC directs the Ministries to launch probe regarding Crypto legality

Furthermore, the report also asked both ministries for their suggestions about whether the trading of cryptocurrency in any form can legally be carried out in the country. Because this was causing difficulty for citizens involved in crypto trading as agencies were constantly raiding and freezing bank accounts of crypto traders.

The Sindh High Court bench further ordered the ministries to submit their joint recommendations by April 11. Furthermore, it also ordered the secretary of finance and secretary law or any other senior official from both ministries who are familiar with cryptocurrency to appear before the court in the next hearing. The bench further said,

We had anticipated that the committee might have made some kind of recommendation for the regulation of this business which if driven underground raises concerns in connection with both money laundering and terror financing.

Moreover, the SHC committee also suggested that cryptocurrency exchange platforms such as Binance, OctaFX, etc, should also be banned for their unauthorized operations in the country. In addition to that, dissuasive penalties should be levied on them by the federal government, as some other countries around the world have done.

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