Pakistan Central Bank decided to ban encrypted currency

According to reports, the State Bank of China Pakistan National Bank (SBP) has decided to prohibit all encrypted currencies in the country. Central Bank also requested the Sindh High Court to prohibit the “unauthorized operation” of the Encrypted Monetary Exchange and punish them.

The Pakistan’s Inter-Jest Council recommends prohibiting encryption currency and all related activities.

According to reports, a high-level Inter-departmental committee will recommend the use of any form of encrypted currency on the use of any form of encrypted currency, and submit a report on Wednesday.

The committee consists of the Sinde Higher Court, and under the supervision of the Pakistan National Bank (SBP) vice president and the Pakistanian Ministry of Finance, the Ministry of Information Technology, the Telecommunications Administration and the Securities Executive Committee.

This 38-page report submitted by SBP Deputy Peristors SIMA Kamil is proposed to fully ban all encrypted currency and related activities in Pakistan.

The committee said that the encrypted currency should be announced as illegal, and emphasizes the careful analysis. It is found that the risk of encrypted currencies is much greater than its benefits to Pakistan. The report also warned that encrypted currencies can be used for money laundering and terrorism financing.

In addition, the Committee urges the court to prohibit the “unauthorized operation” of the Encrypted Monetary Exchange and punish them like some countries. The report quoted the Pakistanian Federal Investigation (FIA) recently investigated to the encrypted currency exchanges, including currency, and their risks composed on investors.

The Sinde Higher Court instructs the Committee to send a copy to the Ministry of Finance and the Ministry of Justice to make the final decision on whether it is allowed to use any form of encrypted currency in Pakistan. The court also instructs the two ministries to jointly recommend whether or not to legally carry out any form of encryption business in the country. They will submit their decision report on April 11.