Sindh High Court has Established Committee to Decide Future of Crypto in Pakistan

Pakistan is an independent state situated in the South Asian region. The country is considered extremely important due to its strategic geographic location and is often subjected to the crucial political changes taking place in the region. These days there is a new struggle that the government of Pakistan is waking up to. Like the rest of the world, the popularity of cryptocurrencies has reached the middle class of this country as well.

Therefore, the people have decided to take a refugee into digital asset trading as a defence against the rapid money devaluation and increasing inflation rate. However, the government of Pakistan has decided to put an end to this opportunity for the investors to make use of their savings. The first notice against crypto trading was taken in the city of Lahore. Now, the Sindh High Court (SHC) has put together a committee to determine if cryptocurrencies should be banned or allowed to thrive.

Karachi is the biggest metropolitan city of Pakistan that is responsible for generating most of the GDP and income. Any foreign investors who want to attract attention from all parts of Pakistan chose this city as their headquarters to ensure their success. There are several local cryptocurrency projects that the city of lights has started to host in the current year.

The committee formed by SHC is overlooked State Bank Pakistan’s deputy governor. There are also executives from the Finance ministry, Pakistan Telecommunication Authority, Information Technology, and Security and Exchange Commission of Pakistan. Justice Muhammad Karim Agha Khan has pointed out that SBP has already decreed that any type of digital currency cannot serve as the equivalent of the legal tender in the region.

Uncertainty Regarding Crypto

The Pakistanis who are interested in the topic of cryptocurrencies are not sure about the negative impact they can have on the economy. Thus far, there are no government officials or spokesperson who has briefed the masses on this topic. On the other hand, the only solution state officials are leaning towards is that crypto trading, mining, exchange, and even possession should be banned.

These days, it has become really easy to bypass the regional restrictions on the internet. Therefore, it is certain that even if the government ends up passing the law to ban crypto trading, most people will be able to keep trading regardless of these restrictions. There are some people like Waqar Zaka who are trying to petition against this decision. However, just like the government, these social media influencers also offer very limited or non-existent information to their followers.

Leave a Reply

Your email address will not be published.

Related

Yields In the Eurozone Rise a Little as Attention Turns to ECB Minutes

Investors await the minutes from the European Central Bank meeting conducted in September. Seventy-five basis points were raised for each of the three primary interest rates set by the ECB. This took place at the specific policy meeting. Investors Await Clues on The Next Monetary Policy Tightening Additionally, the investors said that they expected future […]

After The Best First Quarter Since 1938, U.S. Stock Futures Fall

The Dow DJIA, +2.80%, increased by 825 points on Tuesday. The rise translates into a 2.8% gain. S&P 500 SPX, +3.06% had a 3.1% gain. A 3.3% increase was seen in the Nasdaq Composite COMP, +7.79%. Just What Is It That’s Propelling Markets Forward? Futures on stock indices have experienced some selling. A significant increase […]

The United States Government Has Called for Crypto Regulation

Experts and government officials have pinpointed the dangers that come with digital assets. U.S. authorities have warned that digital assets pose a security risk in a recent study. These dangers threaten the stability of the American financial system.  The Study Contends Unless “Proper Regulation” Is Put in Place On March 9, 2022, President Joe Biden […]

Possibility Of a Crypto and Financial Markets Collapse

The market may have seen the arrival of the black swan that nobody saw coming. Credit Suisse is a central global investment bank. There is a real possibility that the bank may collapse, which would lead to a catastrophic market meltdown.  The crypto and finance sectors triggered the conversations that led to this. What Is […]

A New Report Finds EU Sanctions Will Limit Russian Use of Europe’s Crypto Services

These events are occurring while the situation in Ukraine continues to worsen. Earlier this year, the EU restricted only “high-value” crypto-asset transactions to individuals and businesses in Russia. The current sanctions are likely to become more severe for the Russian Federation. EU Sanctions Over Ukraine May Target Russian Crypto Services The EU is getting ready […]