Tuesday, December 5, 2023

SHC ordered Finance Ministry for recommendations on legalizing cryptocurrency in Pakistan

Sindh High Court (SHC) has directed the Finance Ministry to submit its suggestions on legalizing cryptocurrency in Pakistan within two months.

During a hearing on a petition to legalizing cryptocurrency in Pakistan, a judge issued a quick verdict. The justices who heard the case voiced their displeasure with the Finance Ministry’s latest submission.

After a three-month deadline, a lawyer for the Finance Ministry was grilling by the bench for the low quality. The Ministry has had two meetings with the necessary stakeholders thus far, according to the attorney.

Legalizing cryptocurrencies in country is a hard affair and more time has needed for a consensus. As the lawyer has probed by the bench, it has remarked that the Finance Ministry is taking too long.

The case was adjourned until June 13th. The judge instructed the lawyer to guarantee that the Finance Ministry submitted its suggestions on legalising Bitcoin on next hearing.

Note that Shibli Faraz, the former Science and Technology Minister of Pakistan, indicated in January that the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), and the Finance Division aim to legalise cryptocurrencies and are working towards it.

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