SHC seeks response from FIA to take action on cryptocurrency trading

The Sindh High Court (SHC) on Friday sought a response from the finance minister and the State Bank of Pakistan (SBP) regarding a Federal Investigation Agency (FIA) action against digital currencies.

The SHC was hearing a petition against cryptocurrency trading filed by the Cyber Crime Wing of the FIA. Rizwan Ali Qadri, a lawyer, questioned how legal action could be taken against cryptocurrencies in Pakistan if there is no legislation.

He observed that reports about cryptocurrency trading continue to be heard, but the FIA has taken action.

After hearing the opening arguments of the complainant’s counsel, the SHC bench sought response from the finance secretary, SBP, Securities and Exchange Commission of Pakistan (SECP), Director General (DG) FIA and others.

FIA Cybercrime Wing IO Farhan Ali Bilal will also be summoned to appear on February 21.

Previously, SHC bank looked into banning cryptocurrencies and formed a high-powered committee to provide a report on possible regulation of blockchain-protected transactions.

The court sought the deputy governor of the central bank, the head of the Securities and Exchange Commission of Pakistan, the finance secretary and the director of the federal investigation agency in their personal capacities and formed a team to draw up our proposals within three months.



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