Legal status of cryptocurrency: LHC forms body comprising SBP, FBR, FIA officials

LAHORE: The Lahore High Court (LHC) ona Friday formed a committee comprising officials of the State Bank of Pakistan (SBP), Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA) and sought their recommendations and opinion on the legal status of cryptocurrency in Pakistan.

As the hearing started, representatives of SBP, FBR, FIA and other agencies appeared before the court. The court directed FBR to state how the cryptocurrency is being dealt with internationally and how the tax on the corrupt currency will be collected. Issue of the legal status of cryptocurrency came to the fore on a petition moved by Dr Muhammad Zafar as FIA lodged an FIR against him on the allegations of defrauding the public at large in the name of investment in cryptocurrency to the tune of over Rs260 million.