SHC seeks recommendation on legal status of crypto-currency

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The Sindh High Court (SHC) on Monday directed finance ministry to submit recommendations on legal status of crypto-currency in two months.

The directives came after the court expressed its dissatisfaction over a report submitted by finance ministry on crypto-currency. “The court gave you three months’ time but no progress has been made so far,” the SHC judge said.

Giving arguments before the court, a representative of the finance ministry said that they held meeting of the stakeholders twice however they are yet to reach consensus on giving legal status to crypt currency.

“This is a complicated matter and needs time to resolved,” the representative said. The court however rejected the argument and said that it was not a complicated matter and is being lingered on unnecessarily.

The court directed the finance ministry to submit recommendations on giving legal cover to crypto-currency in two months and adjourned the hearing until June 13.

In January this year, Shibli Faraz said that the Pakistan Tehreek-e-Insaf (PTI) led federal government intends to regularize crypto-currency in Pakistan. He was addressing the first Pakistan Block-chain Summit 2022, in Islamabad.
Shibli Faraz said the State Bank of Pakistan, Securities and Exchange Commission and Finance Division are already working on the plan.

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