Abb Takk News

SHC Orders To Review Legal Status of CryptoCurrency

KARACHI: The Sindh High Court on Wednesday ordered the government to form a high-level committee to review the legal status of cryptocurrencies as it heard a petition demanding that the court declare a State Bank of Pakistan order null and void.

The court stated that steps should be taken to regulate cryptocurrencies in consultation with all stakeholders, including representatives of the Security and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), the Ministry of Law, the Ministry of IT, Pakistan Telecommunication Authority (PTA) and the petitioner Waqar Zaka.

The court stated that steps should be taken to regulate cryptocurrencies in consultation with all stakeholders, including representatives of the Security and Exchange Commission of Pakistan (SECP), SBP, the Ministry of Law, and the Ministry of IT.

The court directed the petitioner to assist the committee and give his recommendations to it.