Connect with us

Hi, what are you looking for?

Online Business Success

SHC forms committee to review legal status of cryptocurrencies


Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. — REUTERS/File
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. — REUTERS/File
  • Court prevents FIA from taking action against those operating digital currency businesses.
  • Court directs petitioner to assist the committee and give his recommendations to it.
  • The first meeting of the committee will be held on October 25.

The Sindh High Court on Wednesday ordered the government to form a high-level committee to review the legal status of cryptocurrencies as it heard a petition demanding that the court declare a State Bank of Pakistan order null and void.

The court stated that steps should be taken to regulate cryptocurrencies in consultation with all stakeholders, including representatives of the Security and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), the Ministry of Law, the Ministry of IT, Pakistan Telecommunication Authority (PTA) and the petitioner Waqar Zaka.

Zaka, in his petition to the court, stated that the SBP governor, in a notice dated April 6, 2018, had advised banks and payment system operators to “refrain from processing, using, trading, holding, transferring value, promoting and investing in virtual currencies/tokens”

The petitioner asked the court to declare this notice null and void, arguing that it violates Articles 4 and 18 of the Constitution.

He also sought an order against the Federal Investigation Agency, preventing it from taking action against people operating digital currency businesses.

The court’s proceedings today were attended by members of the FIA, the SBP deputy governor and the petitioner.

The court stated that steps should be taken to regulate cryptocurrencies in consultation with all stakeholders, including representatives of the Security and Exchange Commission of Pakistan (SECP), SBP, the Ministry of Law, and the Ministry of IT.

The court directed the petitioner to assist the committee and give his recommendations to it.

Advertisement. Scroll to continue reading.

The first meeting of the committee will be held on October 25, the court said, adding after that, the committee will meet every fortnight.

Moreover, the court restrained the FIA ​​from taking action against those trading in digital currency and has sought a report from FIA Director Sanaullah Abbasi at the next hearing.

It was ordered that the proceedings of the committee be kept secret and no member of the committee must reveal any details on the matter on social media or any other platform.

The court further directed that if a committee member is unavailable, the committee’s work should not halt.

“The SECP will continue to take action against illegal exchanges,” the court said.

The court adjourned the hearing of the petition till the second week of January 2022 and directed all committee members to appear at the next hearing with their reports.



Source link

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Advertisement

Latest

Online Business Success

Pakistan is required to implement steps, meet conditions put forward by IMF before January 12, 2022. Government has turned the Fourth Tax Laws Amendment...

Top Stories

Visa got itself a fancy new Twitter avatar this August, and even though it didn’t stay up for long, the 8-bit-styled picture of a...

Loan And Finance

Authored by RSA Maternity & Adoption, Paternity and Shared Parental Leave policies will be improved to provide additional support to its 4,500 people RSA...

Technology

Join gaming leaders, alongside GamesBeat and Facebook Gaming, for their 2nd Annual GamesBeat & Facebook Gaming Summit | GamesBeat: Into the Metaverse 2 this...

Social Media

Are you looking for ways to create a more visually appealing social media strategy? Want to improve your social media design and drive more...

Top Stories

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers...

Online Business Success

— Reuters/File Bullion prices in the local market decrease by Rs2,400 per tola and Rs2,058 per 10 grams. Cumulatively, the precious commodity lost around...

Top Stories

People have talked in glowing tones about the transformative properties of blockchain since Satoshi Nakamoto launched Bitcoin (BTC) back in 2009 — books have...

Advertisement

You May Also Like

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

Advertisement