Cryptocurrencies Banned ? In Pakistan, Central Bank Looks to Ban: Report
Pakistan’s Central bank approached the Sindh High Court as it has the intention to Ban Cryptocurrencies.
Crypto space is about to face the suffering period in Pakistan as the Pakistan court is entertaining the appeal to Ban the cryptocurrency in the country.
Highlighted Facts
- Many banks including the State Bank of Pakistan are also in favor to ban cryptocurrency in the Country.
- The Bank has also given some suggestions to the ruling authority to ban the use of crypto-assets and also fined the crypto exchange of the country.
- The decision on the stance of the cryptocurrency to declare it as a ban asset in the country.
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Cryptocurrency in the whole part of the world is growing its reach and people are loving the currency. While the currency is making its expansion in every part of the world, some countries banned the currency or planning to ban it.
Recently the legalization of Cryptocurrency has been witnessed in El Salvador in September last year and the same in every part of the world. The life of crypto in Pakistan is suffering the danger of extinction.
Pakistan’s Central Bank is reportedly considering a ban on all cryptocurrencies that are operating in the country.
As per the Chainalysis, the ‘Global Crypto Adoption Index’ Pakistan is the country that was in the third position in the Index having the largest numbers of Crypto users in the list of 10 Countries.
As per the report by ‘Samma’, the information was revealed that the SBI Bank Pakistan has submitted the report to the Sindh High Court in which it called the crypto assets ‘illegal’ and also said that they are unsuitable for trade purposes.
The Bank including the appeal it also said that the crypto exchange that is operating the crypto space should be imposed with a heavy fine.
The report that has been submitted in the court is clearly stating the name of 11 such countries that have been banned the use of cryptocurrency in their country.
Similarly, the Pakistan Government also imposed a huge fine on the crypto exchanges in the country and should ban the illegal currency.
This is not the first time when the Pakistan authority has raised the issue of cryptocurrency in front of the court as the SBI Bank of Pakistan has earlier has filed the complaint last year in the Pakistan Court.
In 2018, the Climax authority related to f8inancial institutions has initiated the restriction over such digital currencies but the step by such authority did not stop to experiment with the sector.
The overall reach of crypto all over the world is increasing day by day and also released a report of annual capitalization of all the cryptocurrencies has reached $3 trillion which is multiple times than the capitalization from the last year and also has been recorded as the highest capitalization till today.
Recently the price of many cryptocurrencies has reached the green zone and bagged the highest inclination in their price including Bitcoin, Ethereum, and many more in 2022.
