SHC Seeks FIA’s Response Against Ban on Cryptocurrencies in Pakistan - Android

The Sindh High Court (SHC) has served notices to the Federal Investigation Agency (FIA) officials while hearing a petition against… Read More

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The Sindh High Court (SHC) has served notices to the Federal Investigation Agency (FIA) officials while hearing a petition against the ban of cryptocurrencies in Pakistan.

SHC bench has ordered FIA officials to aid the court in understanding cryptocurrencies.

The petition moved into SHC contended that developing countries are generating a substantial revenue through cryptocurrencies. However, the State Bank of Pakistan (SBP) banned the use of cryptocurrencies on April 6th, 2018. The petitioner has demanded to lift the ban on the use of cryptocurrencies as it does not compromise national interests.

According to reports, Governor SBP, Chairman FBR, officials of SECP and FIA are mentioned as respondents in the petition.

SBP banned BitCoin, PakCoin, LiteCoin, OneCoin, Pay Diamond, and DasCoin in Pakistan. The central bank argued that tokens of Initial Coin Offerings (ICO), the cryptocurrency industry’s equivalent to an Initial Public Offering (IPO), have no legal status guaranteed under Pakistani laws.

No individual or entity has any authorization or license to issue, sale, purchase, or invest in cryptocurrencies all over Pakistan, read the SBP order from April 6th, 2018.

Moreover, banks, micro-finance banks, payment service providers, development financial institutions, and payment system operators shall not process, use, trade, hold, transfer value, promote, and invest in cryptocurrencies.

All the above-mentioned entities are advised not to facilitate their consumers in conducting transactions using cryptocurrencies. These transactions must be marked as suspicious transactions and shall be brought into the notice of the Financial Monitoring Unit (FMU), according to the order of SBP.

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