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December 6, 2019

Petition challenges outlawing digital currency

Top Story

December 6, 2019

KARACHI: The Sindh High Court has directed the FIA to assist the court about Crypto currency during a trial contesting their ban against use in the country.

During the hearing, the court the directed the FIA to assist the court about the digital currencies. The petitioner had challenged the directives of the State Bank of Pakistan to outlaw the digital currency while making the ministries of law and Justice, finance, science and technology, Governor State Bank of Pakistan, Chairman FBR, Chairman SECP respondents in the case.

The petitioner had challenged State Bank’s directives of April 6, 2018 which outlawing the cryptocurrency and held it as a violation of law and the constitution. It pleaded that globally the digital currency has emerged as an important source of capital investment. Several countries are using digital currencies and it poses no threat to the economy. The petition pleaded the SHC to cancel the State Bank notification and direct the government to legislate the use of digital currency.