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Author: Admin | 2025-04-28
Of Pakistan’s (SBP) notification about the restriction on the use of cryptocurrency.The petition was filed after the SBP issued a notice in 2018, warning people against investing in or trading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. The notice said that cryptocurrencies are not recognized as legal tender in Pakistan and cautioned people against the risks associated with them, such as potential financial losses, cyber-security risks, and money laundering.However, Waqar Zaka argued that the SBP does not have the authority to ban cryptocurrency trading or mining as it is not mentioned in the Pakistani laws. He pointed out that the Parliament of Pakistan has not passed any law banning cryptocurrency trading or mining, and therefore, the SBP’s notification is illegal.Waqar Zaka also stated in his petition that the FIA’s Cyber Crime Wing had been allegedly illegally arresting crypto miners and confiscating their Bitcoins worth millions. He said that the FIA officers filed an FIR against the miners even though there are no sections for cryptocurrency in the Pakistani laws. In 2020, it was then concluded that cryptocurrency is neither legal nor illegal in Pakistan. March 2022 When Mr. Baqir Said that Cryptocurrency is of “No Good Use” State Bank of Pakistan (SBP) Governor Reza Baqir, while speaking at a panel discussion at the 13th Karachi Literature Festival, said that cryptocurrency is a useful technology and has the potential to solve a lot of problems that the world is currently facing. However, “when we look at the value proposition offered by crypto right now, the use cases that have been brought forward have just been exchanges,” he said while explaining that people wanted the regulator to allow Bitcoin use.“Every new thing has some benefits and some risks. It’s a policymaker’s job, in particular, to make a judgment whether the benefits outweigh
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