The Senate’s Standing Committee on Finance has decided to ban cryptocurrency services in Pakistan from the country’s Internet. Minister of State for Finance Aisha Ghaus Pasha said that the government will never legalize cryptocurrency in Pakistan. She said that the State Bank of Pakistan (SBP) and the IT Ministry have started working on banning cryptocurrencies. She added that FATF has also imposed conditions and cryptocurrencies will not be allowed

“Billions of dollars of Pakistan have been invested in cryptocurrency,” Senator Salim Mandviwala. SBP officials also said that cryptocurrency is a total fraud which will never be recognized in Pakistan. He said that FIA and Financial Monitoring Unit (FMU) crackdown on Pakistani investment in cryptocurrency. Central bank’s Director Sohail Jawad also said that the cryptocurrency global market has shrunk From $2.8 trillion to $1.2 trillion. He said over 16,000 types of crypto currency have been created so far.

Credit: Independent News Pakistan-INP