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The country’s central bank, State Bank of Pakistan (SBP), has reportedly decided to ban the use of all cryptocurrencies within the country. The central bank also asked the Sindh High Court to ban “unauthorized operations” of cryptocurrency exchanges and penalize them.

Pakistan Interministerial Committee Recommends Ban on Cryptocurrencies and All Related Activities

A high-level inter-ministerial committee has reportedly made recommendations on whether Pakistani law should allow the use of any form of cryptocurrencies, which submitted its report to the Sindh High Court on Wednesday.

The committee consists of the High Court of Sindh under the supervision of the Deputy Governor of the State Bank of Pakistan (SBP) and officials from the Ministry of Finance, Ministry of Information Technology, Telecommunications Regulatory Authority and Securities and Exchange Commission of Pakistan.

The 38-page report to the court by SBP Deputy Governor Sima Kamil recommends a complete ban on all cryptocurrencies and related activities in Pakistan.

The committee said cryptocurrencies should be declared illegal, stressing that after careful analysis, the risks of cryptocurrencies were found to far outweigh their benefits to Pakistan. The report also warns that cryptocurrencies can be used for money laundering and terrorist financing.

Additionally, the committee urged courts to ban “unauthorized operations” by cryptocurrency exchanges and penalize them, as some countries have done. The report cites recent investigations by Pakistan’s Federal Bureau of Investigation (FIA) into cryptocurrency exchanges, including Binance, and the risks they pose to investors.

The Sindh High Court instructed the committee to send a copy of the report to the Ministry of Finance and the Ministry of Justice for a final decision on whether to allow any form of cryptocurrencies into Pakistan. The court also directed the two ministries to jointly recommend whether any form of crypto business can be legally carried out in the country. They will submit their decision report on April 11.

TV host and cryptocurrency entrepreneur, petitioner Waqar Zaka believes cryptocurrencies should be declared legal. The court will resume hearing his petition on April 12.

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Do you think Pakistan will ban cryptocurrencies soon? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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