Thursday, 22 February 2024
Govt decides to suspend cryptocurrency services in the country and is cryptocurrency is legal in Pakistan

Govt decides to suspend cryptocurrency services in the country

Govt decides to suspend cryptocurrency services in the country

Govt decides to suspend cryptocurrency services in the country. In following the guidelines of the global anti-terror financing watchdog, the Government of Pakistan has decided to suspend cryptocurrency online services in the country. The government decides to take this action to avoid illegal digital currency transactions in Pakistan.

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Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha told the Senate Standing Committee on Finance that the State Bank of Pakistan (SBP) and the Ministry of Information Technology, following the orders of the federal government, have started work on banning cryptocurrencies.

She also told that the cryptocurrency will “never be legalised in Pakistan” as the Financial Action Task Force (FATF) also restricted it.

Moreover, SBP Director Sohail Jawad, endorsed Pasha’s views, and said that crypto transactions include “high risk”; therefore, Govt can never permit in Pakistan.

“Cyrtocurrency is a virtual currency and more than 16,000 types created so far,” he also added that the $2.8 trillion market has now reduced to $1.2 trillion.

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