SBP Forms a Committee to Decide the Fate of Cryptocurrencies

The Crypto debate is on the rise in Pakistan with different government entities and institutions discussing its future in the country, Now in this regard, the State Bank of Pakistan (SBP) has constituted a special committee that will determine whether or not cryptocurrency websites are to be blocked in Pakistan.

As per the reliable sources within the Ministry of Information Technology and Telecommunication (MoITT), the division in charge of blocking cryptocurrency websites is unable to do so. Citing the Ministry officials, they explained that the central bank had already sent a letter to commercial banks requesting them to halt dealing in cryptocurrency. “The websites cannot be stopped based on that letter because they are not licensed by the state bank,” they added.

SBP Forms a Committee to Decide the Fate of Cryptocurrencies

According to sources, the SBP committee, chaired by Deputy Governor SBP, included representatives from the Pakistan Telecommunication Authority (PTA), the Federal Board of Revenue (FBR), the Ministry of Information Technology and Telecommunications, and the Ministry of Commerce. The matter of cryptocurrency websites is expected to be brought before this committee, and the committee will make a decision on their fate in due time.

It’s worth noting that the Federal Investigation Agency’s (FIA) Cyber Crime Wing recently provided a list of roughly 1,600 cryptocurrency websites to PTA for blockage. PTA had written to the Ministry of Information Technology and Telecommunications (MoITT) requesting a directive on the future of these websites. According to the telecom regulator, it is not possible to ban websites at FIA’s request.

PTA has also written to FIA to see if there is any law or rules that can be used to restrict these websites. The reference to law offered by the FIA in this regard is quite weak, according to the regulator.

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