No legal provision or acceptance for dealing in digital currency or crypto currencies

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Staff Reporter

Karachi

The Chairman, Standing Committee on “Direct Selling” at the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Shaikh Rashid Alam said that as of now there is no legal provision or acceptance for dealing in digital currency or crypto currencies and that no country in the world has yet accepted or approved crypto currency as a legal tender. He said that crypto currency is a form of virtual money and that traditional banking systems do not recognize the legitimacy of this currency.
The session of the Standing Committee on Direct Selling was held at FPCCI Headquarters Federation House, Karachi, the meeting was attended by the President of the Direct Selling Association of Pakistan, Anis Ahmed Merchant, Secretary General, Zarif Ahmed, Liaquat Ali Khan Magray, Waqas Sohail, Dr. Jamal Nadir Khan, more than eight Chief Executives of companies operating in direct selling business in Pakistan, and people belonging to the network of the direct selling industry.
Chairing the session, Shaikh Rashid Alam addressed the attendees and said that we are aware of the fact that some foreign companies in Pakistan are not only aggressively involved in the illegal business of crypto currencies, but are also duping people into investing their money into crypto currencies on the false pretext of earning huge returns. He warned the networkers and consumers of the Direct Selling Industry to not get involved in this business since it is not only illegal, but also goes against the ground realities of business.
He further added that in a recent survey it was observed that most companies involved in the business of crypto currencies have particularly targeted in the province of Punjab, KPK and northern areas. He urged the Federal Government departments and mainly to the law enforcement authorities to take immediate steps to curb this menace before it ends up costing people millions and millions of rupees.
Addressing the session, the President of the Direct Selling Association of Pakistan, Mr. Anis Ahmed Merchant said that we completely agree with the decision of the FPCCI Standing Committee and following the rules and regulations of the World Federation of Direct Selling Association (WFDSA), the association has principally decided to not give membership to any company involved in the business of crypto currencies.
Dr. Jamal Nadir Khan then took the stage and informed the attendees about the progress of formalizing the rules & regulations and legal framework for direct selling in Pakistan and also announced that the first National Direct Selling Convention scheduled to be held in Pakistan in the next month with the patronage of the concerned government departments.