SHC-made committee on cryptocurrency to hold 1st meet on Oct 25

KARACHI: The court-constituted committee headed by the deputy governor of the central bank, Sima Kamil, will hold its first session on October 25 on the status and possible legalization of cryptocurrency, said the Sindh High Court (SHC) written order on Thursday, ARY News reported.

The Sindh High Court bench while hearing petitions against the ban on cryptocurrency constituted a team to discuss and report on the legal status of cryptocurrencies in the country.

The committee’s first session will be conducted at the State Bank of Pakistan (SBP) office where heads of Securities and Exchange Commission of Pakistan (SECP), fincance secretary, financial monitoring unit, IT ministry and federal investigation agency (FIA) officials will take part.

The committee will have to furnish its report on the legal framework of the cryptocurrencies according to the court order. It also ordered to present before the court a report on companies carrying out transactions and trade in illegal currencies.

After its first session, the committee, which will also include the petitioner in the case, will hold sessions every 15 days, as per SHC written order today.

SHC said the article 18 of the Constitution of Pakistan allows people to freely conduct their business. It adjourned the next hearing till January 12, 2022.

SHC CONSTITUTES HIGH POWER COMMITTEE FOR REGULATING CRYPTOCURRENCY

Earlier yesterday, the Sindh High Court bench heard the cryptocurrency ban case and constituted a high power committee to furnish a report on possible regulation of blockchain-protected transactions.

The provincial court summoned the deputy governor of the central bank, SECP head, finance secretary and director in their personal capacity and put together a team to chart our recommendations within three months.