SHC constitutes high power committee for regulating cryptocurrency

KARACHI: The Sindh High Court bench heard the cryptocurrency ban case on Wednesday and constituted a high power committee to furnish a report on possible regulation of blockchain-protected transactions, ARY News reported.

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

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.

US dollar soars to highest ever mark against rupee in inter-bank

Separately earlier today on the fiat currency and forex status, the Pakistani rupee’s slide continued against the United States (US) dollar in the inter-bank foreign exchange market on the third day of the trading week.

According to forex dealers, the Pakistani rupee today tumbled to a fresh all-time low at Rs173.50 against the greenback. The greenback gained 37 paisas at the start of the trading day.

On Monday, the rupee had closed at Rs172.72 against the US dollar.