Pakistan may ban cryptocurrencies

В Пакистане могут запретить криптовалюты

  • Pakistani Government and Central Bank completed cryptocurrency investigation
  • The authorities recommend to completely ban them in the country
  • In court, they referred to the example of China and submitted the investigation file to Binance
  • No final decision has been made yet

On Wednesday, 11 January, the Pakistani authorities and the Central Bank sent a recommendation to the Sindh Supreme Court to completely ban cryptocurrencies in the country. Moreover, the regulator demanded that exchanges be fined for “illegal activities.”

At the end of October last year, the Supreme Court ordered the government to prepare a report on cryptocurrencies within three months. It was he who was presented to the authorities on Wednesday. According to the securities, cryptocurrencies are not legal tender and cannot be used for trading.

The final decision on this issue has not yet been made. But the court session has already passed. According to local media reports, during the hearing, the authorities referred to an example 12 other countries, including China, where digital assets are prohibited.

The report also talks about the risks that crypto exchanges can pose for investors. An investigation into Binance is underway in the country. The Federal Investigation Agency accuses the company of millions of dollars of fraud.

The final decision remains with the Ministry of Justice. All recommendations were sent to the department, and, quite possibly, in the coming months, cryptocurrencies in Pakistan will be completely banned.

A similar sentiment regarding digital assets is observed in India, China, Russia. More than the world has already banned cryptocurrencies.

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