Cryptocurrency illegal in pakistan

In the recent news, Federal Minister for Information Fawad Chaudhry brought clarity on the matter of legalizing cryptocurrency in Pakistan, as he stated that there are no chances of Pakistan legalizing digital currency anytime soon. While mentioning another reason behind not legalizing cryptocurrency in the country, Fawad Chaudhry said that the level of instability in the cryptocurrency is unprecedented worldwide. The information minister, Fawad Chaudhry, however, continued that eventually, the world has to move towards the means of digital payments. Bank in , the State Bank of Pakistan SBP cautioned the commercial banks and public banks against the use of digital currency such as Bitcoin or Litecoin further strengthening the decision of not legalizing cryptocurrency. According to an official notice published by the central bank, cryptocurrencies like Bitcoin, Litecoin, Pakcoin. OneCoin, DasCoin, and Pay Diamond are neither acknowledged as a Legal Tender nor has SBP approved or licensed any individual or entity for the distribution, sale, acquisition, dealings, or investment in any such digital currencies or tokens in Pakistan.

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WATCH RELATED VIDEO: Binance Ban in Pakistan - Cryptocurrency in Pakistan going to Ban?

Pakistan moves to bring cryptocurrency boom out of the dark

The SBP team informed the participants of the meeting that the central bank had submitted recommendations recently under the directions of the Sindh High Court for regulating cryptocurrencies. Mr Abbasi said legal experts would also be approached to deal with fraud and other issues arising out of cryptocurrencies. Pointing out that the United States, United Kingdom and Canada have declared cryptocurrency legal but it is banned in China and other countries, the FIA DG observed that we were mainly concerned about fraud and possible money laundering aspects.

He revealed that data was being collected about possible suspects involved in this scam with the citizens. Also, it had arrested Dr Zafar from Faisalabad five months back on the charges of defrauding people through cryptocurrency. FIA chief says virtual currency has given a new dimension to fraud Pointing out that the United States, United Kingdom and Canada have declared cryptocurrency legal but it is banned in China and other countries, the FIA DG observed that we were mainly concerned about fraud and possible money laundering aspects.

Published in Dawn, January 16th, Read more. On DawnNews. Comments 16 Closed. Popular Newest Oldest. Jan 16, am. Look at this backward mentality barbarians. Recommend 0. Pathetic ban culture prevails again. The ban is anti people and pro banks. Jan 16, pm. They're not just a currency, they are programmable and used in the latest apps and games. Web3 tech development is the next wave, and it would harm our tech sector if we banned.

Sher Jang. A highly indebted country such as our can not sustained the prospect of fraud in the shape of cryptocurrency and in this regard the proactive efforts of FIA are laudable under it's incumbent chief.

Lot more efforts are needed to be undertaken before beating the bushes after a mega scam. Why not block ariports where all the present govt officials and there family members are allowed to take money and do money laundering. What a pathetic decision. The world is moving fast towards adoption and you guys are so scared of innovation. Like always this country has shown reluctancy towards innovation and disruptive ideas.

Government simply doesn't want to see people making money. Iran and India are advancing by approving use of such technologies and you're putting a ban at the same time you talk about digital revolution. Salaria, Aamir Ahmad. Too little, too late.

Qasim, where is you tech Sektor? Jan 17, am. Good move. Cryptos are a Ponzi scheme without any economic basis. Ban should be followed. Erum Aziz. Crypto currency must be banned in Pakistan.

It has no future. Jan 17, pm. This is a normal way of Pakistani govt that when ever they fail or not competent to catch the bad guys they just ban whole industry. Latest Stories. Most Popular Must Read. Accountability narrative has run its course as voters are more interested in their economic well-being than with anything else. Zarrar Khuhro. What exactly is going on with the Sindh police? Neda Mulji. Ali Cheema. Maleeha Lodhi. Ali Tauqeer Sheikh. Authorities must make sure that vaccine coverage is undertaken on a war footing.

EVEN allowing for the dysfunctionality that plagues our criminal justice system, the circumstances surrounding Opposition does not have much to show for its aggression other than empty claims and vague hopes about establishment's neutrality. AFTER a tense few days witnessed by Karachi in which fears mounted of a return to the ethnic violence of old, the

Pakistan Government To Ban Cryptocurrency Trading

Fawad Chaudhry, the Federal Minister of Information, had stated that there are no plans to legalize cryptocurrency in Pakistan anytime soon. Fawad Chaudhry, giving another reason for not legalizing the usage of cryptocurrencies in the country, stated that the level of volatility in the cryptocurrency is unprecedented globally. Read more: Sindh High Court gives 3 months to government for cryptocurrency regulation. The State Bank of Pakistan SBP has been ordered by the Lahore High Court LHC to hold consulting sessions across the country in the participation of all stakeholders to examine topics pertaining to the legalization of cryptocurrency. In the hearing over court orders, a representative of the central bank appeared. Three sessions have been called by the SBP to assess the legal status of cryptocurrency, according to the spokesperson. The court was told by the SBP representative that cryptocurrency could not be labelled as illegal, however it is very essential to regulate it.

The National Ulema Council, or MUI, has deemed cryptocurrency as haram, or banned, as it has elements of uncertainty, wagering and harm.

Pakistan has no immediate plan to allow cryptocurrency

Slot is empty. Put your advertisement now! A high-level interministerial committee constituted to make recommendations on whether any form of cryptocurrency should be permitted under Pakistani law reportedly submitted its report to the Sindh High Court Wednesday. The page report, submitted to the court by SBP Deputy Governor Sima Kamil, recommends a complete ban on all cryptocurrencies and related activities in Pakistan. The committee stated that cryptocurrency should be declared illegal, emphasizing that after careful analysis, it found that the risks of cryptocurrency far outweigh its benefits for Pakistan. The report also warns that cryptocurrency could be used for money laundering and terrorism financing. The Sindh High Court directed the committee to send a copy of the report to the Ministry of Finance and the Ministry of Law to make the final decision on whether any form of cryptocurrency will be allowed in Pakistan. The court also directed the two ministries to jointly recommend whether crypto business of any form can be legally carried out in the country. They are to submit a report of their decision on April Petitioner Waqar Zaka, a television host and crypto entrepreneur, has argued that cryptocurrency should be declared legal.

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cryptocurrency illegal in pakistan

A two-judge bench headed by Justice Mohammad Karim Khan Agha directed the committee to send its report to the ministries of finance and law to consider it at a joint meeting and take a final decision whether cryptocurrency was allowed in Pakistan. It also asked both ministries for their recommendations about whether the business of cryptocurrency in any form can legally be carried out in the country, as this was causing difficulty for people engaged in this business keeping in view the constant raids and the freezing of bank accounts of users and dealers allegedly by the Federal Investigation Agency FIA. The bench further directed the ministries to file their joint recommendations until April 11 and directed the secretary or additional secretary finance and secretary law or any other senior official of the ministry well conversant with cryptocurrency to appear in person at the next hearing. It asked that if cryptocurrency was allowed, what would the regulatory framework be of such business.

With human evolvement, new inventions have also been witnessed since time immemorial. Digitalization of the whole planet is an amazing technological advance which is nothing less than a miracle.

Pakistan Moves to Bring Cryptocurrency Boom Out of The Dark

The Morgan Stanley, one of the biggest US bank, is offering its wealth management clients access to bitcoin funds. Both mining and trading in cryptocurrencies currently exists in a legal grey area in Pakistan. In , the State Bank of Pakistan declared cryptocurrencies illegal and the regulator had not authorized anyone to deal in them in the country. It has even become redundant as the Khyber Pakhtunkhwa government has announced plans to build cryptocurrency mining farms. Digital currency is a form of currency that is available only in digital or electronic form, and not in physical form. It is also called digital money, electronic money, electronic currency, or cyber cash.

How to Buy Bitcoin and Cryptocurrency in Pakistan

It is no secret that a large chunk of global cryptocurrency adoption is being driven by P2P transactions on exchange platforms in developing nations, even as the governments in these emerging markets continue to remain openly skeptical of the novel asset class. However, some crypto enthusiasts in the country are striving to change that, challenging financial authorities on the lack of regulatory clarity. Zaka has long been educating his fellow citizens on the merits of cryptocurrency trading and had earlier purported Binance as being a viable option for enthusiastic traders. However, upon realizing that Binance was an unaccredited and unregulated exchange without a permanent office, the crypto advocate had approached the court to get an order against unregulated international websites, such as Binance. The court had then requested the Federal Investigation Agency FIA to take action against all unregulated exchanges in order to prevent fraud. The case regarding approval for TenUp is due to be heard in the Sindh High Court SHC on 19 October, even as the courts are already probing federal authorities over the lack of crypto clarity in the country. Earlier this month, the SHC had grilled the Finance Department, State Bank of Pakistan, Finance Department, and SECP over why cryptocurrencies were not allowed in the country, while also directing them to assist the court as to how they can be regulated. Moreover, the court had even noted that crypto transactions were now a viable mode of business transactions worldwide, and Pakistan should also move to safeguard investors against frauds through proper regulations.

While cryptocurrency is not illegal in Pakistan, the global money laundering watchdog, the Financial Action Task Force (FATF), has called on.

Cryptocurrency scam, No law governing virtual currencies in Pakistan

From housewives looking to earn a side income to wealthy investors wanting to buy cryptomining hardware, many barely understand traditional stock markets but all are eager to cash in. Pakistan has seen a boom in trading and mining cryptocurrency, with interest proliferating in thousands of views of related videos on social media and transactions on online exchanges. While cryptocurrency is not illegal in Pakistan, the global money laundering watchdog, the Financial Action Task Force FATF , has called on the government to better regulate the industry.

SHC seeking suggestions on how to regulate cryptocurrency in Pakistan

RELATED VIDEO: Bitcoin is illegal in Pakistan - Iqrar Ul Hassan

LONDON: Cryptocurrency-based crime hit a record high in as overall legal payments also reached an all-time peak, data group Chainalysis revealed on Thursday. Despite the lower percentage, "criminal abuse of cryptocurrency creates huge impediments for continued adoption, heightens the likelihood of restrictions being imposed by governments, and worst of all victimizes innocent people around the world", the report stressed. This is when investments, notably in newer cryptocurrencies, suddenly disappear. The creators of Squid coin disappeared from social media and so did investors' profits, mirroring other cryptocurrency scams.

The State Bank of Pakistan is contemplating a complete ban on crypto assets.

State Bank of Pakistan recommends a cryptocurrency ban

Update: Asad Umar has categorically denied the claims of the Business Recorder that legalization of cryptocurrencies might be in order and said that the update is not true. The Finance Ministry is also advised to establish a national task force to monitor the flow of transactions through cryptocurrencies and bring the crypto business inside the formal tax regime. The intelligence agency has also shared details about the policy, regulatory and enforcement plan with Finance Minister. These guidelines will help the ministry to effectively deal with the fast emerging trend of cryptocurrency Bitcoin trade in Pakistan, which is becoming an active hub for tax evasion. The recommendations provide assistance and countermeasures to the finance minister for phase-wise implementation in June and December This rapid increase in this illegal activity demands that the stakeholders must take quick and serious action against this situation.

No immediate plans to allow cryptocurrency in Pakistan: Fawad Chaudhry

With TechnologyMovementDharna among the top Twitter trends, the youth is warning of marching to D-Chowk in Islamabad to stage a sit-in against cryptocurrencies. Netizens also endorsed famous tv celebrity Waqar Zaka for the next prime minister. As the government decides to ban cryptocurrency in Pakistan, the youth warns of staging sit-ins to protest against the ban. They also warned that they will not vote for PM Imran Khan in the next elections if the government proceeds with the ban.

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