According to a report by Samaa, the State Bank of Pakistan (SBP) has submitted a document to the Sindh High Court, describing cryptocurrencies like bitcoin as “illegal” and unusable for trading.
SBP has also reportedly suggested that a fine should be imposed against crypto exchanges operating in Pakistan.
The document submitted to the court by SBP cited at least 11 countries, including China and Saudi Arabia, that have banned the crypto space. As of now, the Court has not announced its final stance on the legal status of cryptocurrencies in Pakistan.
This is not the first time that the Central Bank of Pakistan has considered banning cryptocurrencies and other related activities. In April 2018, Pakistan’s top institution banned transactions in digital currency. Recently, crypto exchange Binance was involved in legal issues in Pakistan.<!–