Crypto to be legalized in Pakistan if the government fails to reply to Waqar Zaka’s petition

Waqar Zaka has been in the news recently for advocating the need for Pakistan’s government to legalize the use of cryptocurrencies in the country. He has mentioned that the date of the hearing remains 17 December 2020.

New facts have come to light according to Dekhlo. The Sindh High Court has replied to the petition (C.P. 7146/2019) filed by Waqar Zaka saying that the government, Finance Minister, and the FIA Cyber Crime wing must reply to the petition by 17 December 2020. If the government fails to do so, Crypto will be made legal in the country.

Zaka highlighted why Crypto must be legalized in Pakistan in a hearing presided over by a 2 member bench of the court headed by Justice KK Agha & Mrs. Kausar Sultana.

Waqar mentioned that the FIA Cyber Crime wing allegedly illegally arrests Crypto miners keeping their Bitcoins worth millions, filing an FIR having that has no sections for Crypto but just based on false claims that State Bank of Pakistan (SBP) has declared crypto illegal, while State Bank’s advocate stated in the court that SBP cannot ban crypto mining as parliament has not given such powers.

He added that Pakistan is at risk of being blacklisted by major marketplaces of digital currencies, as major companies are now backing out from doing business.

Cryptocurrencies are being adopted all over the world as the next step in the financial industry removing the restrictions of borders and creating a free-flowing currency but Pakistan’s stance has been to outright ban it. As the digital age progresses, crypto will become an essential part of the finance industry, and adopting it is necessary if Pakistan is to keep up with the world.

Image Source: Bol