Cryptocurrency

SHC seeks reply over FIA’s action against cryptocurrency

KARACHI: The Sindh High Court (SHC) on Friday sought reply from the secretary finance and State Bank of Pakistan over FIA’s action against cryptocurrency, ARY News reported.

The SHC was hearing a plea against FIA’s Cybercrime Wing against cryptocurrency trading. Rizwan Ali Qadri advocate said how can legal action can be against cryptocurrency in Pakistan when there is no law.

The pleas relating to cryptocurrency trading are still being heard but FIA initiated action, he added.

SHC bench after hearing initial arguments from the applicant’s lawyer sought a reply from the secretary finance, State Bank of Pakistan, SECP, DG FIA and others.

FIA Cybercrime Wing IO Farhan Ali Bilal is also summoned on February 21.

Read more: SHC seeks recommendation on legal status of cryptocurrency

Earlier, the Sindh High Court bench heard the cryptocurrency ban and constituted a high power committee to furnish a report on possible regulation of blockchain-protected transactions.

The provincial court summoned the deputy governor of the central bank, Securities and Exchange Commission of Pakistan head, finance secretary and federal investigation agency director in their personal capacity and put together a team to chart our recommendations within three months.

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