Central Bank and Fed of Pakistan suggested to ban crypto

The leading government authorities of Pakistan decided to ban cryptocurrencies activities across the country. 

Pakistan is a grey region for the crypto industry, which means crypto is neither legal nor illegal to the citizens of Pakistan. But besides all these things, the majority of the crypto services are evolving rapidly in Pakistan with the full belief that the Pakistan government will bring law and better regulation for this crypto Industry. 

According to a tweet by Samaa English, SBP deputy governor Seema Kamil submitted a 38- page report to the Sindh High Court to bring a crypto ban in Pakistan. 

Now the hearing is going on and reportedly this is the first time in the history of Pakistan when the central bank clearly said that the government should bring legislation to ban all the crypto-associated activities and operations. And with this, they proposed to bring rules against the crypto exchanges, which don’t follow the laws and guidelines. 

Court order to regulate Crypto industry 

However, this is a suggestion and appeal through by the government agencies to bring ban rules on Crypto. But in October 2021, Sindh High Court ordered to bring regulation framework on the crypto industry within three months. 

It seems that agencies in Pakistan are now ready within three months of interval time and they are in favor of bringing a ban instead of regulation. 

Few experts claimed that it is just a mind game and Pakistan will not ban cryptocurrencies because there are many needs of crypto and blockchain in Pakistan against its traditional financial system. 

On the other hand, popular personality Waqar zaka requested to bring legalization on the crypto industry instead to follow the ban proposal.

This news came just a couple of days after, where FIA registered a case against Binance Pakistan Executive and ordered Binance to freeze transactions associated with linked internet crypto scam activities. The whole investigation is going on.

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