The High Court of Sindh ordered SECP & Central bank of Pakistan to develop a crypto regulation report in the next three months.
Since the beginning of this year, crypto regulation has become a high-level topic for global regulators. On one side, China like countries is taking ban steps on the crypto market and on the other side El Salvador like countries adopting bitcoin as legal tender. Amid such situations, there are those countries that are sceptical about whether to adopt crypto or not. For example Russia, India, Bangladesh, Pakistan etc.
In the past, a petition was filed against the national crypto ban by the Pakistani government. In the hearing of the petition, The High Court of Sindh ordered the Securities and Exchange Commission of Pakistan (SECP) and the central bank to work with the other government entities to prepare a report on the crypto regulation framework.
The time period for the preparation of a crypto regulation report is limited to three months. And in the same period of time, Central Banks & SECP are ordered to work on this matter with other entities like Ministries of Information Technology and Law to develop crypto regulations systems.
It is worth noting that crypto regulation matters have been going since a long time in Pakistan. However, crypto regulation matters in Pakistan were at tremendous levels in November 2020.
Will Pakistan follow India?
We have already seen many times that Pakistan follows India in terms of regulation on crypto, history is proof of everything.
But as we know, crypto is not regulated in India and still, no clear statement had come about it, so here we can say Pakistan will not take decisions more quickly than India.
Pakistan will make sure, whether they will be able to prohibit any illicit activities associated with crypto adoption or not because digitisation of the payment system is not enough in Pakistan.