SHC seeks recommendation on legal status of cryptocurrency

KARACHI: The Sindh High Court (SHC) on Monday directed finance ministry to submit recommendations on legal status of cryptocurrency in two months, ARY NEWS reported.

The directives came after the court expressed its dissatisfaction over a report submitted by finance ministry on cryptocurrency. “The court gave you three months’ time but no progress has been made so far,” the SHC judge said.

Giving arguments before the court, a representative of the finance ministry said that they held meeting of the stakeholders twice however they are yet to reach consensus on giving legal status to cryptocurrency.

“This is a complicated matter and needs time to resolved,” the representative said.

The court however rejected the argument and said that it was not a complicated matter and is being lingered on unnecessarily.

The court directed the finance ministry to submit recommendations on giving legal cover to cryptocurrency in two months and adjourned the hearing until June 13.

In January this year, Shibli Faraz said that the Pakistan Tehreek-e-Insaf (PTI) led federal government intends to regularize cryptocurrency in Pakistan.

He was addressing the first Pakistan Blockchain Summit 2022, in Islamabad.

Shibli Faraz said the State Bank of Pakistan, Securities and Exchange Commission and Finance Division are already working on the plan.