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The High Court of Sindh ordered SECP & Central bank of Pakistan to prepare an official report on crypto-related regulation within about three months.

Since the beginning of the year, the regulation of crypto has been a major topic for regulators across the world. On one hand, China like countries is making bans on the market for crypto, and on the other hand, El Salvador like countries adopting bitcoin as legal currency. In these circumstances, there are some countries skeptical about whether they should adopt cryptocurrency or not. For example Russia, India, Bangladesh, Pakistan etc.

In the past there was a petition filed against the nationwide crypto ban in the hands of authorities of the Pakistani government. At the time of hearing the petition, the High Court of Sindh ordered the Securities and Exchange Commission of Pakistan (SECP) as well as the Central Bank to collaborate with other government entities to draft a report about the regulatory framework for crypto.

The period of time for creation of a crypto regulatory report is set at three months. Within the same time, Central Banks & SECP are required to collaborate on this issue in conjunction with other agencies such as Ministries of Information Technology and Law to create crypto-related regulations methods.

It is important to note that the issue of crypto regulation has been in the news for a long period of time within Pakistan. However, concerns about crypto regulation in Pakistan reached a high level in the month of November, 2020.

Will Pakistan be a follower of India?

We’ve already witnessed numerous instances where Pakistan adheres to India in the area of regulations on crypto. History is proof for everything.

As we are aware that crypto isn’t restricted in India and, to date there was no official statement to been issued and we are able to affirm that Pakistan is not able to take decisions as quickly as India.

Pakistan will be sure whether they’ll be capable of stopping any illegal practices associated with the adoption of crypto or not, as the digitization of the system of payment does not suffice in Pakistan.

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