Pakistan Plans to Ban Cryptocurrencies as Stance Hardens: Reports

The authorities of Pakistan and its cardinal slope privation to prohibition the usage of cryptocurrencies, section media reported, citing a papers submitted to a provincial court.

The papers was compiled by a committee headed by Sima Kamil, a lawman politician of the State Bank of Pakistan (SBP). Other members included representatives from the Ministry of Finance, the Securities and Exchange Commission of Pakistan (SECP) and the Federal Investigation Agency of Pakistan (FIA).

The submission is the archetypal clip a wide presumption has been taken by the cardinal bank, according to the media reports. In 2018, the SBP issued a circular prohibiting banks from dealing with cryptocurrency exchanges.

"This indicates that, dissimilar successful the past, this is simply a argumentation determination which has greater statement and coordination," said Ali Farid Khwaja, a spouse astatine Oxford Frontier Capital and president of KTrade KASB Securities, a banal brokerage successful the capital, Karachi. "The SBP-led study has been accompanied with a coordinated crackdown connected peer-to-peer web and amerciable crypto operators by FIA and besides informing letters issued by SECP."

Earlier this week, Pakistan’s Federal Investigation Agency (FIA) said it wants to speech to Binance arsenic portion of an probe into a suspected scam it said has outgo respective 1000 investors much than $100 million.

The committee submitted the study to the Sindh High Court, which was proceeding a lawsuit astir integer currencies and ordered the enactment of the committee.