Alka Verma –
Published On: October 22, 2021 at 13:30 IST
The Pakistan High Court has given the approval to Committee to explore whether Cryptocurrencies can be used under the Country’s Legal system.
The High Court of Sindh, which is the topmost Judicial body in the southeastern province of Sindh, has allowed for the formation of a committee to consider the scope of crypto trading and to submit its report to Ministry of Finance.
“Should the committee find crypto trading permissible under Pakistani law, then recommendations are to be forwarded to the ministry alongside a draft framework for crypto regulation, subject to modification,” stated the order of High Court.
The High Court in its Order also stated that the Decision to look over the scope of crypto trading is not a choice but a way to solve the issues of black-market business dealings with crypto outside Government purview.
Also, when the committee will be formed, it will be chaired by a deputy governor of the State Bank of Pakistan (SBP).
Along with the deputy Governor, the committee will consist of officials of Ministries of Finance, Information Technology, Pakistan Telecommunication Authority and Security and Exchange Commission of Pakistan.
Cryptocurrency is on a boom along with the price of reaching a new all-time high above $66,000.
From such trading in digital assets, the Government is also looking for high Revenues in their hands from just one action.
It should be noted here that while the crypto is not totally illegal in Pakistan, an imposed order issued in 2018 by SBP, there is ban for those firms who deals in Cryptocurrency.
Also Read: CRYPTOCURRENCY: LAWS IN INDIA
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