Now a days, cryptocurrency is a hot topic. The digitalization of the world has affected every aspect of life. Living in the modern world you can not survive without being update and keeping pace with the time demands. It is necessary to be aware of the changes in your surrounding to be compatible. Similarly, cryptocurrency is a modern idea which is getting more and more popular today. But SBP ban on all cryptocurrency in Pakistan.
It is a virtual currency which has no physical form like banknotes. On international level this cryptocurrency is getting acceptance day by day. But State Bank Of Pakistan and current Govt. have suggested to ban the use of all cryptocurrency. SBP ban on all cryptocurrency in Pakistan.
Actually, a report has been submitted to Sindh High Court by State Bank of Pakistan(SBP). According to this report of State Bank of Pakistan Cryptocurrencies are not legal and that’s why cannot be traded. The panel of the Sindh High Court, who is assigned to take decision regarding crypto currency, ordered that this report of SBP should be sent to finance and law ministries. This is to confirm that the ban against cryptocurrencies either falls within the boundaries of Constitution or not.
Moreover, SHC has advised the finance and law ministries to do comprehensive study on cryptocurrency and submit a report to justify the decision they take. Sindh High Court wants to settle the future of cryptocurrencies in Pakistan by making a final decision in this term. So that ambiguities about its use in Pakistan could be cleared. And the final decision was that SBP ban on all cryptocurrency in Pakistan.
The expected date of submission of report by finance and law ministries is 12 April.
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The decision was actually made in response to an appeal asking for a discussion and evaluation of the future of cryptocurrencies at the moment.
So, concerned stakeholders have been ordered by the SHC to develop a regulatory strategy for governing and dealing with cryptocurrencies in Pakistan. All parties present were ordered by the court to complete all requirements within three months and give a thorough report on the case as soon as possible.