Saturday, 28 January 2023

State bank never declared cryptocurrency illegal: SHC

On Thursday, the Sindh High Court expressed frustration with the Federal Ministry of Finance. For not explaining its comments on the cryptocurrency petition. While the State Bank of Pakistan said it had never declared it illegal.

A two-judge bench headed by Justice Muhammad Karim Khan Agha. He had sought the opinion of the SBP till January 13. On whether there was any law in place to curb cryptocurrency trading in Pakistan ?

It also warned that if comments were not filed by the ministry through the deputy additional attorney until the next hearing, the finance secretary would have to appear in person for clarification. The bench directed FIA Cyber ​​Crime Deputy Director Abdul Ghaffar to issue a show cause notice on his absence. Attend the next hearing with a reply and explain how the FIA ​​came to file a lawsuit against the petitioner.

When the bench heard a circular in April 2018 challenging a circular issued by the SBP to allegedly stop the use of virtual currencies. It expressed frustration with the Finance Ministry and the FIA ​​for not commenting. Expressed because at the last hearing the bench had allowed him the opportunity to submit answers.

SBP Joint Director Rehan Masood informed the bench that he had never declared cryptocurrency illegal.

The bench directed him to appear at the next hearing and record his statement. As to whether there is any law, rule or regulation which prohibits cryptocurrency business in Pakistan.

What is Cryptocurrency? A Simple Explanation - YouTube
What is cryptocurrency ?

The bench restrained the FIA ​​from harassing the petitioner. Waqar Zaka said to SHC on April 6, 2018, the Governor of SBP had issued a circular stating that all banks and payment system operators should avoid to implement virtual currency trade, transfer and investment.

He also demanded that the FIA ​​ban the arrest of those who owned virtual assets or crypto mining machines and agreed to pay taxes.







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