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Home Technology

SBP report proposes ban on cryptocurrency

by Daily Patriot
January 13, 2022
in Technology
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Bitcoin ether near multi-month lows following hawkish Fed minutes
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KARACHI: A committee headed by the deputy governor of the State Bank of Pakistan (SBP) has recommended a complete ban on cryptocurrency, saying that allowing it could lead to an outflow of foreign exchange and illicit money.

The report was presented before a two-member bench of the Sindh High Court (SHC), which heard a petition regarding the digital cryptocurrency. The court sent the 38-page report to the Ministry of Finance and the Ministry of Law to review its legal aspects.

The committee recommended a complete ban on cryptocurrency and related activities in Pakistan. Heading the bench, Justice KK Agha remarked that in case of imposition of the ban, the court should also be informed about the constitutional status of the ban.

Tags: KK Agharyptocurrencysindh high courtState Bank of Pakistan
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