According to recent news, the State Bank of Pakistan and the federal government have decided to attempt to ban cryptocurrency in the country. This decision was made after the central bank submitted a report to a panel of the Sindh High Court tasked with overseeing cryptocurrency’s future prospects. According to the report, cryptocurrencies are illegal and cannot be used in any type of trade.
However, the law and finance ministries have directed the SHC to submit a comprehensive report justifying the ban or allowing the use of cryptocurrencies through a proper legal framework. This report would be created as a result of a thorough joint study on the subject in which the SHC would investigate all uncertainties surrounding the future of cryptocurrencies.
Currently, the SHC has directed all relevant stakeholders to develop a regulatory model for governing and dealing with the crypto ecosystem.