According to State Bank of Pakistan (SBP) officials, cryptocurrency is a total fraud that will never be recognised in Pakistan.
The Senate’s Standing Committee on Finance has decided to prohibit cryptocurrency services from being available on Pakistan’s Internet.
Aisha Ghaus Pasha, Minister of State for Finance, has stated that the government will never legalise cryptocurrency in Pakistan.
Cryptocurrencies Are Getting Permanently Banned in Pakistan
The Standing Committee on Finance met today at Parliament House, led by Senator Saleem Mandviwala, and it was revealed that the State Bank of Pakistan (SBP) and the Ministry of IT & Telecom are starting work to ban the use of cryptocurrencies in Pakistan.
In Pakistan, the committee directed authorities to block cryptocurrency services and websites dealing with the instrument.
Dr. Aisha Ghaus Pasha, Minister of State for Finance and Revenue, informed the committee that cryptocurrencies will never be legalised in Pakistan. She stated that because the Financial Action Task Force (FATF) imposed strict conditions on the usability and viability of cryptocurrencies, this medium of exchange will not be allowed in Pakistan.
“Billions of dollars in Pakistani currency have been invested in cryptocurrency,” Senator Salim Mandviwala said.
According to SBP officials, cryptocurrency is a total fraud that will never be recognised in Pakistan.
He pointed out that the FIA and Financial Monitoring Unit (FMU) are cracking down on Pakistani cryptocurrency investment.
Sohail Jawad, Director of the Central Bank, also stated that the global cryptocurrency market has shrunk from $2.8 trillion to $1.2 trillion. He claims that over 16,000 different types of crypto currency have been created so far.