In order to prevent unauthorized digital currency transactions and to comply with the standards of the international organization that monitors counter-terrorist financing, the Pakistani government announced on Wednesday that it had decided to outlaw cryptocurrency services provided online in the country.
According to Dr. Ayesha Ghos Pasha, State Minister of State for Finance and Revenue, the State Bank of Pakistan (SBP) and the Ministry of Information Technology are attempting to outlaw cryptocurrencies in accordance with directives from the federal government. This was stated before the Senate Standing Committee on Finance got underway. The Financial Action Task Force (FATF) sanctions, he claimed, will prevent cryptocurrencies from “ever being legalized in Pakistan.”
She insisted that “FATF had set a condition that cryptocurrency will not be legalized.”
The leader of SBP, Sohail Jawad, concurred with Pasha’s assessment of the “high risk” associated with cryptocurrency transactions. It will never be accepted in Pakistan. He clarified that “Cryptocurrency is a virtual currency and more than 16,000 types have been created so far,” noting that the market’s value had decreased from $2.8 trillion to only $1.2 trillion.
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