The Pakistani government announced on Wednesday that it has decided to ban cryptocurrency services offered online in the nation in order to prevent unlawful digital currency transactions in accordance with the criteria of the international organisation that monitors counter-terrorist financing.
The State Bank of Pakistan (SBP) and the Ministry of Information Technology are trying to outlaw cryptocurrencies in accordance with the directions of the federal government, according to State Minister of State for Finance and Revenue Dr. Ayesha Ghos Pasha, who spoke before the Senate Standing Committee on Finance has begun. He asserted that due to sanctions from the Financial Action Task Force (FATF), cryptocurrencies will “never be legalised in Pakistan.”
“FATF had set a condition that cryptocurrency will not be legalised,” she maintained.
Sohail Jawad, the head of SBP, agreed with Pasha’s assessment of the “high risk” involved in crypto transactions. In Pakistan, it will never be permitted. He explained that “Cyrocurrency is virtual currency and more than 16,000 types have been created so far,” noting that the market had previously been worth $2.8 trillion but was now only worth $1.2 trillion.
