SHC seeks recommendation on legal status of crypto-currency


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.

Previous articleProfiteering cannot be allowed in holy month of Ramadan: Fayyaz Butt
Next articlePDMA issues guidelines for heat-wave during summer 2022