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The Pakistani edition Samaa.tv, citing its own sources, reported that the country’s Central Bank, together with the authorities, are preparing to completely ban the use of cryptocurrencies.
According to the newspaper, the relevant document was submitted to the Supreme Court of Sindh Province. For the first time, the Central Bank of Pakistan took a clear position on digital assets and, unfortunately, not friendly. The document also proposes the introduction of fines for cryptocurrency exchanges.
Recall that in October, the Sindh Supreme Court ruled to clarify the regulation of digital assets. Yesterday, January 12, the court received a report from the regulator, which emphasizes that cryptocurrencies in Pakistan are illegal and cannot be used for trading.
According to representatives of the Central Bank of Pakistan, digital currencies can be used to finance terrorism and money laundering, and therefore should be prohibited. The compilers of the report also listed other countries that have banned the use of cryptocurrencies, including China and Saudi Arabia.
The Supreme Court sent the document to the Ministry of Finance and the Ministry of Justice. These departments must make a final decision on the status of cryptocurrencies in Pakistan. The next court hearing is scheduled for April 12 this year.
In early January, the Pakistani Federal Investigation Agency (FIA) sent a request to the Binance exchange for assistance in finding the organizers of fraudulent projects that raised up to $ 100 million.
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