Cryptocurrency Case-State Bank Submit Response to Sindh High Court

Sindh High court heard the petition against the use of cryptocurrency in Pakistan.

State bank of Pakistan submitted a written statement to the court of law during the case hearing.

The court asked the applicant to submit the answer in response to State Bank’s reply.

The applicant took his stand that State Bank of Pakistan had banned the use of cryptocurrency on 6th April 2018.

In addition to this, the applicant has also said that the ban on digital currency is an injustice and is against the constitution. He also assured that the use of digital currency is not a threat to the interests of the country.

Note that the court has also sought a detailed answer from the Federal Investigation Agency (FIA) whereas the hearing has been delayed till 25th February.

Earlier, State Bank of Pakistan (SBP) has announced Monetary policy for the next two months, left the benchmark interest rate unchanged at an eight-year high of 13.25%.

SBP Governor Baqir Raza addressed a press conference in Karachi n here on Tuesday, he said that the central bank has decided to maintain the interest rate and has kept its projection for inflation unchanged at 11-12% for the full fiscal year 2020.

Responding to statements that the central bank’s monetary policy rate is tight, he said that the real interest rate is used to calculate monetary policy.