IHC seeks comments in plea against ban on cryptocurrency

ISLAMABAD: The Islamabad High Court (IHC) stopped the Federal Investigation Agency (FIA) from taking action against people involved in the business of cryptocurrency and sought comments from respondents including the State Bank of Pakistan (SBP).

Justice Sardar Ijaz Ishaq Khan heard the case against the circular of SBP to stop the business of cryptocurrency. The petitioner had also named the federation, Pakistan Telecommunication Authority (PTA), Security and Exchange Commission of Pakistan (SECP), and FIA in the case.

The petitioner’s lawyer Chaudhry Ali Abbas adopted the stance that the SBP had banned the business of cryptocurrency which had affected the common people. He prayed the court to declare the circular issued by SBP in this regard as against the law. The court served notices to respondents and adjourned the case.