According to documents seen by the Express Tribune, Pakistan’s federal government has formed three sub-committees to decide the future of cryptocurrency and related enterprises in the nation.
The sub-committees were constituted during a meeting headed by Finance Secretary Hamed Yaqoob Sheikh to decide whether cryptocurrency company should be legalized or banned. They’ll look into every area of the cryptocurrency industry and provide recommendations for the country’s crypto policy. Their recommendations will be forwarded to a committee chaired by the finance secretary.
Their proposals will be based on a blanket ban on cryptocurrency and its long-term consequences. They’ll also talk about whether Pakistan will fall behind other countries in terms of technical growth if cryptocurrency is outlawed.
The State Bank of Pakistan has been anti-crypto for a long time. “There are a lot of misuses [of cryptocurrencies] around the world,” SBP Governor Reza Baqir remarked in March, “including human rights violations, human trafficking, money laundering, and many other things.” In February, he stated that the hazards linked with cryptocurrency “much outweigh” the benefits.
The Federal Investigation Agency (FIA) reportedly requested that the Pakistan Telecommunication Authority block over 1,600 cryptocurrency websites in January.
The first sub-committee was established under the chairmanship of Pakistan’s law secretary. This sub-committee includes the State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA).
This committee will look into whether cryptocurrencies may be made illegal under current laws. It will also include a method for prohibiting cryptocurrency while preserving a balance between social welfare and technological advancement.
The other two sub-committees were created under the chairmanship of SBP Deputy Governor Saima Kamal. These sub-committees include representatives from the Ministry of Information Technology, the Pakistan Securities and Exchange Commission, and the Pakistan Telecommunications Authority.
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