Pakistan’s Central Bank Decides to Completely Ban Cryptocurrency: Report
The State Bank of Pakistan (SBP), the country’s central bank, has reportedly come to a decision to ban the use of all cryptocurrencies within the country. The central bank has also asked the Sindh High Court to ban “unauthorized operations” of crypto exchanges and impose penalties on them. Pakistani Interministerial Committee Recommends Banning Cryptocurrency and All Related Activities A high-level interministerial committee constituted to make recommendations on whether any form of cryptocurrency should be permitted under Pakistani law reportedly....
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The central bank of Pakistan does not see many good use cases for crypto. However, the regulator cites “a lot of misuses” of cryptocurrency around the world, “including human rights violations, trafficking of people, money laundering, and many other things.” Pakistani Central Bank Governor’s Stance on Crypto The governor of the State Bank of Pakistan (SBP), Reza Baqir, talked about cryptocurrency during a panel discussion at the 13th Karachi Literature Festival Sunday, Dawn newspaper reported. Asserting that crypto lacks good use cases, the....
The Securities and Exchange Commission of Pakistan has published a paper discussing cryptocurrency regulation in the country. Meanwhile, the central bank has reportedly confirmed that there is no cryptocurrency ban. Pakistan’s Crypto Regulation in the Works The Securities and Exchange Commission of Pakistan (SECP) has published a position paper on the regulation of cryptocurrency trading platforms. Besides discussing definitions and concepts of cryptocurrencies, the paper outlines different regulatory approaches adopted globally, including the recommendations by the Financial Action....
The SHC also asked for a report on deliberations surrounding crypto regulations within the same time period. The High Court of Sindh (SHC), the highest judicial body in Pakistan’s Sindh Province, has asked the government to come up with modalities for cryptocurrency regulation.According to Pakistani English daily The Express Tribune, the SHC gave the instruction while hearing a petition brought before the court challenging the legality of the country’s 2018 crypto ban.The SHC instructed regulators such as the Securities and Exchange Commission of Pakistan (SECP) and the central bank to....
Pakistan’s finance and law ministries are yet to make a decision on a potential blanket ban on crypto in the country. The State Bank of Pakistan (SBP) is reportedly seeking to ban all cryptocurrency transactions in Pakistan.Pakistan’s Sindh High Court reportedly held a hearing related to the legal status of cryptocurrencies in the country, in which several Pakistani authorities, including the SBP, submitted a document to the court, arguing that cryptocurrencies like Bitcoin (BTC) are illegal and cannot be used for trade. According to local news channel Samaa TV, the document cited at least....
Would a central bank ever issue its own cryptocurrency? While the verdict may still be out, a new report by professional services giant Deloitte explores how it might go about doing so. Entitled "State-Sponsored Cryptocurrency: Adapting the best of Bitcoin's Innovation to the Payments Ecosystem", the report envisions a bitcoin-like system in which financial institutions act as uncompensated miners for a ledger governed by a central bank. The idea of a central bank-backed cryptocurrency has been floated in the past, as shown by concepts like Fedcoin and comments by the central bank of....