KARACHI – The State Bank of Pakistan and the federal government have recommended a complete ban on the use of all cryptocurrencies, according to a report submitted to the Sindh High Court (SHC) on Wednesday.
A two-member bench headed by Justice Karim Khan Agha was hearing the case when SBP Deputy Governor Seema Kamil submitted the report recommending that ban should be imposed on cryptocurrencies.
Scores of Pakistanis have invested in the virtual currency despite the absence of laws and rules to regulate the digital currencies in the country.
SBP submitted the report after SHC on October 20 directed authorities concerned to submit a report on the use of cryptocurrency.
It also directed the federal government to set up a committee headed by the federal secretary of finance to determine the legal status of digital currency.
The court has ordered that the report be sent to the finance and law ministries to take a final decision on the use of cryptocurrencies.
The law and finance ministries will determine if a ban on cryptocurrencies would fall under the Constitution.
The court has adjourned the hearing till April 12.