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The State Bank of Pakistan and the federal government have decided to ban the use of all cryptocurrencies, according to a report submitted to the Sindh High Court (SHC) on Wednesday. The SHC has been hearing a case about digital currencies. For the first time, the central bank has taken a clear position on the cryptocurrencies and urged the SHC to not only ban cryptocurrencies but also impose penalties against crypto exchanges. The status of cryptocurrencies in Pakistan has been in limbo in the absence of laws and rules to regulate the use of these digital currencies for trade. On October 20, the Sindh High Court told the federal government to regulate cryptocurrencies within . ....
Report by Arshad Ali The Lahore High Court has formed a committee, comprising the State Bank of Pakistan, Federal Investigation Agency, Federal Bureau of Revenu, and other government institutions, to determine the legality of cryptocurrency in Pakistan. At a hearing on Friday, the petitioner, Javed Kasuri, asked: ....
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When Muhammad Asghar saw an invitation on social media to invest in a digital currency called Bither Cash, he was excited. Cryptocurrency was all the rage and he felt he should invest. He transferred a vast sum of money to Bither Cash’s Muhammad Zafar’s account. As Bither Cash was actually fake, Asghar lost his money and filed a case against Zafar. Given the excitement about cryptocurrencies in Pakistan, however, the question is how they are regulated and if any authority is monitoring this financial sector. The Lahore High Court (LHC) took up this question on Wednesday, directing the federal authorities to explain what laws regulate the use of cryptocurrency in Pakistan. Zafar. ....