Pakistan's Central Bank Decides to Completely Ban Cryptocurrency: Report
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Loading... - Nitya Vaidya
- 14 Jan 2022
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Pakistani Interministerial Committee Recommends Banning Cryptocurrency and All Related Activities
A high-level interministerial committee constituted to make recommendations on whether any form of cryptocurrency should be permitted under Pakistani law reportedly submitted its report to the Sindh High Court Wednesday.
The committee was constituted by the Sindh High Court under the supervision of the deputy governor of the State Bank of Pakistan (SBP) and officials from the Pakistani Ministry of Finance, Ministry of Information Technology, Telecommunication Authority, and the Securities and Exchange Commission.
The 38-page report, submitted to the court by SBP Deputy Governor Sima Kamil, recommends a complete ban on all cryptocurrencies and related activities in Pakistan.
The committee stated that cryptocurrency should be declared illegal, emphasizing that after careful analysis, it found that the risks of cryptocurrency far outweigh its benefits for Pakistan. The report also warns that cryptocurrency could be used for money laundering and terrorism financing.
Furthermore, the committee urged the court to ban “unauthorized operations” of crypto exchanges and impose penalties on them as some countries have done. The report cites recent investigations by Pakistan’s Federal Investigation Agency (FIA) of crypto exchanges, including Binance, and the risks they pose to investors. Read More…
