Pakistan's government has decided to outlaw all cryptocurrencies
The Sindh High Court (SHC) has received a report from the country's central bank regarding the use and feasibility of cryptocurrencies in Pakistan. Cryptocurrencies are prohibited and cannot be traded, according to the report.
As a result, the Sindh High Court has mandated that a final decision be made by the finance and law ministries on the report. The law and finance ministries are anticipated to make a decision soon on whether or not a ban on cryptocurrency is permissible under the Constitution.
It has been mandated that a joint investigation of cryptocurrencies be conducted by the law and finance ministries to determine whether the financial instrument should be outlawed outright or permitted as a legitimate store of value within an appropriate legal framework. If all available routes are explored, Sindh's top court hopes that the uncertainty over cryptocurrency would be permanently resolved.
On April 12, the Sindh High Court is scheduled to hear the report.
A little more than three months after the SHC first ordered the government to regulate cryptocurrencies and form a committee under the federal secretary of finance to oversee the procedures, this development has taken place.
Because of a petition asking for an examination of cryptocurrency's future, the decision was made at that time. The Supreme Court of Pakistan (SHC) has ordered the development of a regulatory framework for cryptocurrencies in Pakistan. The Court imposed a three-month deadline for the completion of all formalities and the submission of a thorough report on the subject.
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