Notice issued on application to stop cryptocurrency trading

PESHAWAR: The Peshawar High Court (PHC) on Wednesday issued notices to the federal and provincial governments to take action against illegal trade and transactions of digital currencies, including cryptocurrencies, across Pakistan.

The court has sought response from the authorities concerned and directed them to resolve the issue. The petition filed by Barrister Huzaifa Ahmed has sought legislative measures to regulate or ban such online businesses. It also called for action against coaching centers, training academies and companies promoting cryptocurrency-related activities. Further, it urged the Federal Investigation Agency (FIA) and other concerned agencies to take strict enforcement measures.

A two-member bench comprising Justice SM Atiq Shah and Justice Sahibzada Asadullah heard the petition. During the hearing, the petitioner argued that in the era of technology digital currency has emerged as a global trend, Pakistan lacks laws to regulate or regulate these transactions.

The petition stated that the State Bank of Pakistan (SBP) had outlawed online cryptocurrency trading through a 2018 notification. It said that despite this, a number of individuals and entities continued to engage in cryptocurrency trading using various digital platforms and applications, operating outside the regulatory framework.