The federal government and the state bank of Pakistan have decided to outlaw crypto assets. So far, there haven’t been any regulations regarding cryptocurrencies implemented in Pakistan.
As Yahoo reported:
“On October 20, the Sindh High Court told the federal government to regulate cryptocurrencies within three months. The court directed the government to form a committee headed by the federal secretary of finance to determine the legal status of cryptocurrencies.
However, the report, requested by the court from the authorities, declared that cryptocurrency cannot be used at all. Cryptocurrencies in the country are now regarded as illegal business since they might be a part of terrorist acts and money laundering.
“I don’t think this means Pakistan has decided to ban it," said Faisal Aftab, a co-founder of Zayn Capital (an investment firm in Pakistan). "I think they are still exploring regulation. The ambiguity is about whether Pakistan will consider cryptocurrencies as an asset. But it’s almost clear that it will not be considered a legal tender."
On the Flipside
- At least 11 countries, including China and Saudi Arabia, have banned crypto assets.
- Pakistani investors have reportedly invested $20 billion in cryptocurrencies, according to the Federation of Pakistan Chambers of Commerce and Industry President Nasir Hayat Magoon.