The State Bank of Pakistan has been urged by the Sindh High Court in Pakistan to lift the crypto ban in the country.
For the petition, Justice Iqbal Kalhoro has questioned the crypto ban and why the premier bank has restricted the people from using digital assets in 2018. In the argument, he stated that things like this might further pull Pakistan from keeping up with other countries in terms of the technologies.
Furthermore, Kalhoro asked the State Bank of Pakistan to explain the primary reasons why digital assets trades were not allowed in the country when the global world is embracing the assets.
As a defence, the legal representative said that regulation is one primary reason why digital assets have not been used all around the country.
The stand of the law with the crypto ban has been questioned.
Reply to the State Banks’ stand on the crypto ban, Kalhoro has questioned why the use of digital assets has not undergone review and regulations that are drafted out for the longest time.
“If the trade or use of digital assets is not against the law, then why are people not allowed to use them?” He asked.
In his review, he stated that the bank should look to other countries and how they regulate the digital assets. When this is done, they will be able to draw out the perfect regulations that will aid the crypto trading and investments in the country.
Pakistan does not consider crypto as a legal tender.
The State Bank of Pakistan has drafted out a memo that warned against the use of digital assets from around the country in 2018. The message stated that the digital assets were not seen as a legal tender, and the similar move has started the rumours regarding the crypto ban in the country.
Last year, the government made some moves to regulate the crypto after it had announced that a licensing scheme will be introduced to inspect the activities of Electronic Money Institutions which now include crypto dealers through the country.
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