Close Menu
LockMeta
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Business
  • Markets
  • Policy
X (Twitter) Telegram
LockMeta
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Business
  • Markets
  • Policy
X (Twitter) Telegram
LockMeta
News 2 years ago

Pakistan State has decided to ban all cryptocurrencies

Pakistan State Has Decided To Ban All Cryptocurrencies

The State Bank of Pakistan and the federal government have decided to ban the use of all cryptocurrencies, according to a report submitted to the Sindh High Court (SHC) on Wednesday.

The Sindh High Court (SHC) in Pakistan has been hearing cases related to digital currencies. Previously, the SHC asked the federal government to regulate cryptocurrencies within three months. The court directed the government to create a committee headed by the federal finance minister to determine the legal status of cryptocurrencies.

The status of cryptocurrencies in Pakistan has been in limbo due to the lack of laws and rules to regulate the use of these digital currencies in trade. The court has directed the authorities to file a report on the use of cryptocurrencies. The report was submitted to the Sindh High Court on Wednesday. Cryptocurrencies are illegal and cannot be used for transactions, the report said. The report lists at least 11 countries that have banned cryptocurrencies, including Saudi Arabia. The report also mentions recent FIA investigations into cryptocurrency exchanges such as Binance and OctaFx, and the risks these exchanges pose to investors.

The Sindh High Court has ordered the report to be sent to the Ministry of Finance and the Ministry of Law for a final decision on the legal status of cryptocurrencies. The law and Treasury will determine whether a ban on cryptocurrencies is within the scope of the constitution. This will also create a legal framework.

In addition, the central bank took a clear stance on cryptocurrencies for the first time and urged the SHC to not only ban cryptocurrencies, but also penalize cryptocurrency exchanges. Seema Kamil, deputy governor of the State Bank of Pakistan, submitted a 38-page report recommending that cryptocurrencies be outlawed. Cryptocurrency is a virtual business that can be used to finance terrorist acts and launder money, the report said.

In the months leading up to its final decision, the court said the FBI and other agencies would continue to play by their rules.

The petitioner, Waqar Zaka, is begging the court to declare cryptocurrencies legal because a large number of Pakistanis are interested in them. Nasir Hayat Magoon, chairman of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), previously stated that Pakistani citizens own $20 billion in crypto assets. In October last year, a research report published by Chainalysis showed that Pakistan had experienced a huge increase in cryptocurrency adoption in the previous year. The 2021 Chainalysis Global Cryptocurrency Adoption Index places Pakistan in third place after Vietnam and India in its index score.

However, in December last year, a large number of investors lost Rs 100 crore. The Federal Bureau of Investigation (FIA) of Pakistan has issued an official notice to cryptocurrency exchange Binance to identify the exchange’s links to a “fraudulent online investment mobile application” after receiving numerous complaints about the ongoing scam. The scam involved misleading investors to send funds from the Binance wallet to an unknown third-party wallet.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleCoinbase’s revenue gradually diversifies
Next Article Tesla US online store accepts Dogecoin as a payment option for some items

Related News

2 months ago

SEC Chairman: Cryptocurrency tokens are not currency and do not meet the three functions of currency

3 months ago

Musk Backs Crypto-Friendly Republican Presidential Candidate Vivek Ramaswamy

1 year ago

Crypto lending platform Ledn is working to bring bitcoin mortgages to Texas

1 year ago

Liquid Global: SOL withdrawals will resume soon

1 year ago

Data: 65% of Bitcoins have not moved in more than a year, hitting an all-time high

1 year ago

USDC issuance on the Avalanche chain exceeds $1.5 billion, a record high

1 year ago

Optimism’s governance system makes me proud

1 year ago

More than 50% of Uniswap transactions are completed by MEV robots

The Latest
Business 2 days ago

Seeking a statutory maximum sentence of 10 years in prison for former Binance CEO CZ

Altcoins 2 days ago

Proposal PIP-010 passed, raising interest rates on all mortgage debt from 2% to 4%

Ethereum 2 days ago

A total of 3,749,835.43 ETH were destroyed on the Ethereum network

Markets 2 days ago

Before the market rebounded, USDT accounting for 3.54% of the total supply was transferred to the exchange

Markets 2 days ago

During the decline of BLUR in the past 24 hours, three whales deposited a total of approximately 7.17 million BLUR to the exchange

Crypto Assets
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
Market Dynamics
  • Business
  • Markets
  • Policy
Support
  • Contact Us
  • Advertise
About
  • About Us
  • Privacy Policy
  • Terms of Service

The daily digest for crucial crypto news updates.

X (Twitter) Telegram
Disclaimer:

LockMeta endeavors to provide accurate and current information. However, due to the evolving nature of the crypto space and reliance on external sources, we cannot guarantee its complete accuracy. We advise users to conduct their own research and consult professionals before making decisions. LockMeta assumes no liability for actions based on our content.

© 2023 LockMeta.

Type above and press Enter to search. Press Esc to cancel.