Pakistan calls for ban on cryptocurrencies

Cryptocurrencies are speculation, according to the country's Central Bank representative

13.01.2022 - 09:50

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What’s new? According to a report submitted to the Sindh High Court (SHC), one of Pakistan's provinces, the Central Bank, and the country’s government propose to ban cryptocurrencies. Prior to this, digital assets were not regulated in any way in the country. The final decision of the High Court will appear soon.

The Central Bank of Pakistan report

What do the authorities say? Seema Kamil, Deputy Governor of the Central Bank of Pakistan, expressed dissatisfaction with the cryptocurrency:

“The use of cryptocurrency in Pakistan is speculative. People are being enticed to invest in such assets for the purpose of short-term capital gains. This may result in the outflow of foreign exchange as well as to illegal turnover of funds.”

In addition, Kamil urged the court to ban the “unauthorized operations” of cryptocurrency exchanges and also impose sanctions on them, “as some other countries have done.” The country's authorities have also launched an investigation into the Binance cryptocurrency exchange.

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