Pakistani government not against crypto investments, high court demands regulation-regulation

The executive will not reject cryptocurrency investments, a high -ranking government official told the legislator in Pakistan. The declaration comes when a regional higher court asked the Federal Government to regulate cryptocurrencies, and has formed a committee that deals with the matter in the coming months.

Minister says that the Pakistani government has no objections to investments in crypto

Pakistan's Minister of State for Parliamentary Affairs, Ali Muhammad Khan, spoke in front of members of the National Assembly this week and recognized cryptocurrency as a new concept. He then found that the government had no objection if the Pakistani youth would take the opportunity to invest through this new technology.

Khan published the comments on Wednesday in response to an attention -based message in the lower house of the parliament with regard to the lack of a regulatory framework for cryptocurrencies in the country, the Daily Times reported. The minister said that the government did not reject its regulation, but pointed out that the State Bank of Pakistan ( SBP ) had some reservations that had to be cleared.

The government official announced that the currency authority is currently examining the matter that should be referred to the Finance Committee. "The SBP said we should be very careful in this regard," added Ali Khan.

The course change takes place three years after the State Bank of Pakistan introduced a cryptocurrency ban. In a circular published in spring 2018, the SBP stated that virtual currencies such as Bitcoin, Pakcoin, OneCoin and tokens from the coin offers are not a legal means of payment and banned All shops with you, including holding and trading.

Regional High Court ordered that the government will report on the crypto regulations

On Wednesday, the Sender Court of Sindh, the highest judicial authority in the southeastern Pakistani province, again called for the government in Islamabad to issue cryptocurrency regulations. He also formed a committee under the direction of the Federal Minister of Finance and commissioned him to make a report in this regard within the next three months.

During a hearing to a petition in which the crypto ban was contested, the court insisted that steps to regulate cryptocurrencies in consultation with everyone involved, including the Security and Exchange Commission of Pakistan (SECP), the SBP, the Ministry of Law and Justice and the Ministry of Information Technology and Telecommunications. According to a report by the Express Tribune, members of the Federal Investigation Agency (FIA), SBP and the petents took part in the negotiation.

The publication also informed about another crypto -related case that was negotiated before the High Court of Lahore with the involvement of legal representatives of several interested parties such as the SECP, SBP, FIA and the Federal Government. The English -language daily newspaper revealed that the court asked the institutions for help on this topic and asked them to explain relevant legal positions.

Since the popularity of cryptocurrencies is increasing worldwide, many Pakistians have also focused on these assets. The newspaper points to the large number of social media groups that explain how to buy, act and break down, since YouTube videos in Urdu, which are dedicated to Bitcoin, have hundreds of thousands of views. More and more retailers from Pakistan use online cryptocurrency exchanges and crypto applications often have more downloads than the apps of the largest banks in the country.

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