Pakistan takes a tough stance on crypto ban plan

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2022-01-14 17:14:22

A central bank and government report recommends declaring all cryptocurrencies illegal.

The Pakistani government and its central bank want to ban the use of cryptocurrencies, local media reported, citing a document filed with a provincial court.

The document was compiled by a committee headed by Sima Kamil, deputy governor of the State Bank of Pakistan (SBP). Other members include representatives from the Ministry of Finance, the Securities and Exchange Commission of Pakistan (SECP) and the Federal Bureau of Investigation of Pakistan (FIA).

This is the first time an explicit position has been taken by the central bank, according to media reports. In 2018, SBP issued a circular banning banks from dealing with cryptocurrency exchanges.

“This shows that, unlike before, this is a policy move with greater consensus and coordination,” said Ali Farid Khwaja, a partner at Oxford Frontier Capital and president of KTrade KASB Securities, a stockbroker in the capital Karachi said. “The SBP-led report was accompanied by a coordinated crackdown on peer-to-peer networks and illegal crypto miners by the FIA ​​and also a warning letter issued by SECP.”

Earlier this week, Pakistan’s Federal Bureau of Investigation (FIA) said it wanted to speak with Binance as part of its investigation into a suspected scam that it claims has cost thousands of investors. more than 100 million dollars.

The commission has submitted a report to the Sindh High Court, which is hearing a digital currency case and ordered the creation of a commission.

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