On Thursday, the Sindh High Court granted time to the Centre, yet again in the plea against the crypto ban. A member bench comprising Justice KK Agha and Justice Amjad Ali Sahito, after hearing the case, warned the federal authorities that this would become the final extension granted.
Centre’s Case Details
During the hearing, the deputy attorney sought time from the court docket for the finance ministry to publish its response. The legal professional representing the State Bank of Pakistan maintained there had been no crypto ban in the country, prompting Justice Sahito to invite approximately virtual currency transactions and protection issues.
Justice Sahito stated that they are pronouncing that they no longer prevented all of them from commercializing virtual forex usage and no longer giving any guarantee of protection.
The petitioner, who has prayed the court to restrict the Federal Investigation Agency (FIA) from taking action against those using virtual money, told the court that the SBP would not deal with cryptos. At this, the SBP’s counsel instructed the courtroom that cryptocurrency has no longer been regularized in Pakistan, and the bank has just issued warnings.
The bench adjourned the hearing until December 17, even summoning the FIA’s cybercrime wing’s deputy director in a private capacity and granting the federal government a final extension.
Striving for Crypto Ban
In 2018, the Supreme Court asked the center on Thursday to give its opinion on cryptocurrencies in two weeks. The court heard several petitions filed by cryptocurrency exchanges and asked for an RBI circular set up April 6 to provide a banking channel for cryptocurrency exchange.
While there are no restrictions on trading or exchanging cryptocurrencies in the country, the RBI advises against using them. RBI regulations practically halted all trading and exchanging of bitcoin even though there is no official ban, said Nakul Devan, an adviser to nine cryptocurrency exchanges.
In 2019, a high-level government body submitted a draft proposal calling for a ban on all forms of cryptocurrency in India. He called for a prison sentence of up to 10 years or a maximum fine of 25 rupees for anyone who finds a deal in cryptocurrency in the country. The government, however, delayed the crypto ban bill.
An increasing number of investors have started trading cryptocurrencies in recent months as stock markets and traditional assets have risen amid concerns over the coronavirus pandemic’s economic impact.
Moneycontrol announced in early May that new exchanges emerged when business was booming in addition to the low-key old exchanges, according to the April 2018 RBI circular. RBI lawyer Shiam Divan told the court that banking regulators were only trying to ban the use of cryptocurrency and that it was basically a political decision that the government had to file.
