Recently, the Sindh High Court directed the federal government to regulate cryptocurrencies in three months period. The court established a committee chaired by the federal finance secretary to examine the matter. A two-judge bench headed by Justice Muhammad Karim Khan Agha looked after the case. The petition against the ban on digital currency was heard in the Court in which the Deputy Governor SBP, the petitioner, and some other officials from FIA, etc. appeared before the court.
SHC Directs the Government to Regulate Cryptocurrencies Within Three Months
The committee established by the court will include SBP, Securities and Exchange Commission of Pakistan (SECP), Ministry of Finance, Ministry of IT, PTA, and the petitioners
According to the court order, the petitioners will assist the committee and give their recommendations. The first meeting of the committee will be held on October 25, after which the committee will meet after every 15 days. The court also restrained the Federal Investigation Agency (FIA) from taking action against the digital currency dealers and sought a report from the FIA director at the next hearing.
The court ordered that the SECP continue to take action against the illegally operating exchanges. The court adjourned further hearing of the petition till the second week of January 2022 and directed all the committee members to appear at the next hearing with their reports.
Various indigenous social media groups are explaining how to trade and mine cryptocurrency abound, few with tens of thousands of followers on Facebook. On YouTube, cryptocurrency videos in Urdu have been viewed hundreds of thousands of times.