Three committees have been formed by the Pakistani government to determine whether cryptocurrency should be legalized or banned. The committees will review all aspects of the cryptocurrency business and come up with recommendations on the country’s crypto policy.
To decide on Cryptocurrency’s legal status in Pakistan, there are two committees.
Pakistan’s federal government has constituted three sub-committees to decide the future of cryptocurrency and related businesses in the country, the Express Tribune reported Tuesday citing documents it has seen.
They were created during the meeting of Finance Secretary Hamed Yoob Sheikh, which was to determine whether cryptocurrency businesses should be allowed or banned. They will review all aspects of the cryptocurrency business and come up with recommendations on the country’s crypto policy. They will submit their ideas to the Finance Secretary’s committee.
Under the leadership of the Pakistani law secretary, the first sub-committee formed. This sub-committee includes the State Bank of Pakistan, the Federal Investigation Agency and the Pakistan Telecommunication Authority.
The committee will examine whether crypto can be prohibited under current laws. This committee will propose a solution that balances technological advance and welfare while banning crypto.
Under the leadership of Saima Kamal, Deputy Governor at SBP, two other sub-committees have been established. These sub-committees are made up of representatives from the Ministry of Information Technology and the Securities and Exchange Commission of Pakistan.
The recommendations they will make are based on the imposition of a ban immediately on cryptocurrency and any repercussions it may have in the future. The group will then discuss the possibility that Pakistan might fall behind the rest of the world in terms of technological advances if cryptocurrency was banned.
Since its inception, the State Bank of Pakistan (SBP) has been anti-crypto. SBP Governor Reza Baqir said in March that “around the world, there is a lot of misuses [of cryptocurrency], including human rights violations, trafficking of people, money laundering, and many other things.” He noted in February that the potential risks that are associated with cryptocurrencies “far outweigh the benefits.”
According to reports, in January the Federal Investigation Agency (FIA), asked Pakistan Telecommunication Authority for a ban on more than 1,600 cryptocurrency websites.
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