LAHORE – The Lahore High Court (LHC) has established a committee to determine the legality of cryptocurrency in Pakistan.
The committee will comprise representatives of the State Bank of Pakistan (SBP), Federal Investigation Agency (FIA), Federal Bureau of Revenue (FBR), and other relevant government institutions, the court ruled.
The court has raised various questions about digital currencies and directed the committee to address them.
A bench of the LHC was hearing a case filed by Muhammad Asghar, resident of Lahore, against a man for fraud in the guise of investment in digital currencies.
The complainant said that the accused urged people through social media to investing in the digital currency “Bither Cash,” which turned out to be a fake cryptocurrency.
Crypto market in Pakistan witnessed 711% growth
The crypto market has witnessed a stunning boom in Pakistan as people in the country have started taking interest in digital currency.
According to a report issued by Chainalysis, the market of cryptocurrencies grew by 711% in Pakistan in past 12 months, becoming one of the strongest markets after the majority of European countries and in the Middle East.
On the other hand, the market in India witnessed 641% growth in the past 12 months. Besides, as per data provided by Chainalysis, in India, the amount of venture investments in the crypto sphere has also witnessed growth.
The report also names Vietnam as a country with fast crypto adoption.
Chainalysis is the blockchain data platform that provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries.
