SHC Seeks Recommendation on Legal Status of Cryptocurrency
The Sindh High Court (SHC) has given the Finance Ministry two months to submit its suggestions on the legal status of Bitcoin in Pakistan. The decision was made at a hearing on a petition to legalise cryptocurrencies in Pakistan. The justices hearing the petition were also irritated by the Finance Ministry’s recent submission.
During the hearing, the Finance Ministry’s lawyer was interrogated by the bench for producing a sloppy report despite being allotted three months. According to the lawyer, the Ministry has convened two discussions with key stakeholders so far.
The lawyer went on to say that legalising cryptocurrency in the country is a hard issue that would take time to resolve. The bench quizzed the lawyer, noting that the Finance Ministry is dragging its feet on a straightforward matter.
The bench adjourned the hearing to June 13 and instructed the lawyer to guarantee that the Finance Ministry provides its proposals on cryptocurrency legalisation in the country at the next hearing.
Note that the former Science and Technology Minister, Shibli Faraz, revealed earlier this year at the inaugural Pakistan Blockchain Summit 2022 that the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and Finance Division all intend to legalise cryptocurrency and are working on it.