Pakistan Seeks to Halt all Cryptocurrency Operations

Pakistan Seeks to Halt all Cryptocurrency Operations

The Government and State Bank of Pakistan suggested a complete closure of any activities related to cryptocurrencies.

Despite the country having a huge surplus of electricity, Pakistan might be seeing a complete shutdown of all crypto operations.

Earlier in 2021, the High Court of Sindh, which is the highest judicial institution in the Sindh province, was put to the task of evaluating crypto-asset operations. The court came to the conclusion that the Government of Pakistan should issue certain regulations on cryptocurrencies for more transparency. 

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However, none expected a complete ban of all cryptocurrencies and means of acquiring digital assets. Even some Pakistani influencers that are into crypto trading were fuming on Twitter, asking the Prime Minister to closely review the potential ban.

Based on the report by a local news station Samaa, the government and central bank have already issued a report to Pakistan’s Ministry of Finance with recommendations for stopping any crypto-related activities.

However, the report is only a recommendation and it might still be overturned. With that being said, it was issued by Pakistan’s most influential authorities. They argued that their decision was based on wanting to stop any money laundering or terrorism financing via cryptocurrencies.

If the ban gets put into motion, then cryptocurrencies in Pakistan will become completely illegal, and any crypto-related activities such as trading or selling won’t be allowed by the government.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree