Government has decided to ban all Cryptocurrencies in Pakistan

In recent news, the State Bank of Pakistan and the federal government have decided to ban Cryptocurrencies overall in the country. This decision was made after the central bank submitted a report to a panel of the Sindh High Court to oversee the future prospects of cryptocurrency. The report had stated that cryptocurrencies are illegal and cannot be used in any concept of trade.

However, the SHC has been directed by the law and finance ministries to submit an inclusive report justifying the ban or allowing the use of cryptocurrencies through a proper legal framework. This report would be formed through a proper joint study on the subject where the SHC would explore all uncertainties surrounding the future of cryptocurrencies.

As of now, the SHC has directed all respective stakeholders to devise a regulatory model for governing and dealing with the crypto ecosystem.