SHC Constituted Committee On Legality Of Cryptocurrency

Sindh High Court (SHC) has constituted a committee to review the legality of the cryptocurrency which includes SBP (State Bank Of Pakistan), SECP (Securities and Exchange Commission of Pakistan), Ministry of Finance, Ministry of IT, PTA (Pakistan Telecommunication Authority) and the petitioner.

A petition against the ban on digital currency was heard in the Sindh High Court yesterday in which the Deputy Governor SBP, the petitioner and other officials appeared before the court. SHC has constituted a committee to review the legal status of the cryptocurrency.

The court also barred the Federal Investigation Agency (FIA) from prosecuting digital currency dealers. And has sought a report from the Director FI on the next hearing.

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According to the court order, the proceedings of the committee will be kept confidential. No member of the committee will speak about it in any press release or on social media. If no committee member is available, the work should not be stopped.

The court ordered that the SECP continue to take action against the illegally operating exchanges. The court adjourned further hearing of the petition till the second week of January 2022 and directed all the committee members to appear at the next hearing with their reports.

The petitioners will assist the committee and give their recommendations as per the court order. The first meeting of the committee will be held on October 25. After that the meeting will be held every 15 days.

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