Cryptocurrency price declines last week were sparked by Musk’s reversal on Tesla accepting bitcoin. PHOTO: REUTERS
A committee headed by the deputy governor of the State Bank of Pakistan (SBP) has recommended a complete ban on cryptocurrency, saying that allowing it could lead to an outflow of foreign exchange and illicit money.
The report was presented before a two-member bench of the Sindh High Court (SHC), which heard a petition regarding the digital cryptocurrency. The court sent the 38-page report to the Ministry of Finance and the Ministry of Law to review its legal aspects.
The committee recommended a complete ban on cryptocurrency and related activities in Pakistan. Heading the bench, Justice KK Agha remarked that in case of imposition of the ban, the court should also be informed about the constitutional status of the ban.
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