Pakistan Government Says They are not Against Crypto Investments, Appeals for Regulations

Sahaj  |  Oct 23, 2021

Ali Muhammad Khan, the Minister of State for Parliamentary Affairs of Pakistan government, recently revealed that he recognizes crypto investments as a new concept. As disclosed, the executive power is not going to oppose crypto investments. 

Pakistan Government Has No Objection to Crypto Investments

In accordance with the official statement released by a high-ranking government official, the regional high court has urged the federal government to regulate cryptocurrencies and constituted a committee to focus on the matter in the coming months.

Ali Muhammad Khan noted that the government did not have any objection if the Pakistani youth would take the opportunity of investing in this new technology. 

On Wednesday, Khan made these comments which were in response to a calling attention notice in the lower house of parliament regarding the non-presence of crypto regulations in the country.

In an elaboration of the matter, he said that the Pakistan government did not oppose their regulation but indicated that the State Bank of Pakistan (SBP) had some reservations that are required to be addressed. He added to his statement and said:

“The SBP was saying we should move forward in this regard very carefully.”

SBP’s Crypto Ban and Contrasting Regional High Court Orders

This has come after three years since the time back when the State Bank of Pakistan (SBP), implemented a ban on cryptocurrencies and released a statement that cryptocurrencies are not legal tender and it is illegal to hold, transfer, and trade these virtual assets.

On Wednesday, the Sindh High Court urged the Islamabad government to adopt crypto regulations and it was revealed that the court had intentions to take some steps in consultation with all stakeholders, including the Security and Exchange Commission of Pakistan (SECP).

In addition to this, it should be noted that the rising popularity of cryptocurrencies has allured the attention of many Pakistanis.

Related News