“The only use of cryptocurrency in Pakistan seems to be speculative in nature where people are being enticed to invest in such coin for the purpose of short-term capital gains. A final decision on the legal status of the cryptocurrencies might be arrived at then.Īccording to a statement made by State Bank of Pakistan’s Deputy Governor Sima Kamil, The SHC has ordered the committee to send its report to the ministries of finance and law to consider it at a joint meeting. Here, it’s worth pointing out that a final verdict is yet to come. It was presented before a two-judge bench headed by Justice Mohammad Karim Khan Agha. The aforementioned report was submitted by a committee constituted by the Sindh High Court (SHC). Furthermore, it also urged the SHC to not only ban cryptocurrencies but also impose penalties against crypto-exchanges. The central bank has now taken a clear position, however, although a disappointing one for some, on the use of digital assets. At least, that has been the case until now. In Pakistan, there are no laws and rules to regulate the use of these digital currencies for trade.

This update comes follows a long period of uncertainty concerning crypto-regulations over the years. 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).

Well, there may soon be another contender to follow this long list… No ‘PAKing’ here These are the countries that have a particularly fraught relationship with cryptos. In fact, quite a few countries have banned the use of digital assets outright with heavy penalties in place for anyone making crypto-transactions. Cryptocurrencies’ growing popularity and dominance threatens financial stability, according to different regulatory watchdogs across the globe.

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