Sindh High Court orders FIA to stop taking action against cryptocurrency traders

The Sindh High Court on Thursday directed relevant authorities to refrain from taking action against digital currency traders. Judge Amjad Sehto gave the order in the wake of a petition filed against the ban of digital currencies in Pakistan, and associated complaints that crypto traders were being harassed by the Federal Investigation Agency (FIA).

According to the petition minutes, the appeal stated that the FIA is taking action against digital currency holders on its own. Reports indicate the agency’s Cyber Crime Unit has been harassing crypto dealers based on the State Bank of Pakistan (SBP) not having opened a Bitcoin account. The Sindh High Court expressed displeasure over the FIA’s failure to respond, and proceeded to summon the finance secretary in person.

Over the course of the court proceedings, Justice Ahmed Sehto wondered what motive the FIA had to prevent people from conducting cryptocurrency transactions. According to an SBP lawyer present at the hearing, the central bank has not imposed a ban on cryptocurrency in the country, thereby further weakening the FIA’s case.

As of now, the SBP has not laid down any guidelines for crypto regulations in the country. Therefore, any action that the FIA has taken to stop crypto dealings or harass crypto traders is unfair and unjust.

It is safe to say that cryptocurrency has established a stronghold in Pakistani discourse, with Khyber Pakhtunkhwa having legalized crypto and crypto mining earlier this month and a growing feeling in the nation that it is time to start taking digital currency seriously.