Waqar Zaka appeals SHC to remove ban on cryptocurrency in Pakistan

Waqar Zaka, a renowned TV show host, has filed a petition in Sindh High Court (SHC) asking for ending ban on cryptocurrency in Pakistan.

The petitioner, Waqar Zaka has said that digital currency will help bring in more investment in Pakistan.

In its reply, the State Bank of Pakistan (SBP), has said that many people in the country aren’t educated because of which digital currency can be used to scam them.

The trade of cryptocurrency may lead to money laundering, he said.

The State Bank had imposed ban on crypto in April 2018.

Sindh High Court has heard a petition against the use of cryptocurrency in Pakistan.

During the hearing, the SBP submitted a written response to the High Court.

The court has ordered the applicant to submit a reply in response to the State Bank.

The applicant took stand that the SBP had banned cryptocurrency in Pakistan on April 6, 2018.

The court has also sought a detailed response from the Federal Investigation Agency (FIA) in this regard.

While, the case has been adjourned till February 25.

The ban on the use of Cryptocurrency categorizes as an injustice act and made the point that it against the laws of the constitution.

The use of Cryptocurrency is not against the interests or disobeys any rules of the government.

Earlier, The (SBP) had announced Monetary policy for the next two months.

It left the benchmark interest rate unchanged at an eight-year high of 13.25%.