The State Bank of Pakistan (SBP) and the federal government have decided to ban all cryptocurrencies. This is reported Samaa with reference to a report submitted to the Supreme Court of Sindh.
On October 20, 2021, the court instructed the authorities to form a committee within three months to create a regulatory framework for regulating cryptocurrencies, as well as to prepare a report on the use of digital assets.
The submitted document states that cryptocurrencies are illegal and cannot be used for trading.
It lists at least eleven countries, including China and Saudi Arabia, that have banned virtual currencies.
The report also mentions government investigations into crypto exchanges such as Binance and OctaFx and the risk these platforms pose to investors.
The court ordered that the document be sent to the ministries of finance and justice for a final decision on the legal status of cryptocurrencies. These departments will also determine whether the ban on digital assets is inconsistent with the Constitution.
The 38-page report was presented by SBP Deputy Governor Sima Kamil. In 2018, the central bank issued a circular banning financial institutions from carrying out any transactions with virtual currencies.
Recall, according to researchers from the Law Library of Congress, 51 countries in the world have imposed bans on cryptocurrencies to some extent.
