According to local media samaa.tv, Pakistan is following the example of China in announcing a complete ban on the use of all cryptocurrencies. In addition, the article mentions that the Pakistani financial authority is conducting an investigation against the Binance exchange.

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The article was written by Chinese crypto blogger and journalist Colin Wu To share on Twitter.

State Bank of Pakistan imposes a ban on cryptocurrencies

The article by samaa.tv states that the State Bank of Pakistan (State Bank of Pakistan) and the country’s federal government have come to the decision to declare the use of cryptocurrencies illegal. The article also cited the report filed by Sindh High Court (SHC) on 12/12.

The court is currently conducting hearings on this crypto case. Now, the country’s central bank has urged the court to ban both cryptocurrencies and penalize crypto exchanges operating in the region.

So far, the fate of cryptocurrencies and digital assets has been fundamentally undecided by the authorities due to the lack of laws governing cryptocurrency trading activities.

The case has been sparked since last October when SHC ordered the federal government to impose cryptocurrency regulations over a three-month period. The court also required a report determining the legal status of cryptocurrencies, and a special commission was set up to do so.

The report was issued and filed with the court on December 12. It said all digital assets are illegal and should be banned from trading. One of the reasons for the ban is that cryptocurrencies can be used to launder money and finance acts of terrorism.

To apply the ban, a legal framework will be created later.

The document says that nearly 10 other countries, including Saudi Arabia and China, have banned all use of cryptocurrencies, including trading.

Investigate Binance

The report also mentions the ongoing investigation into exchanges Binance and OctaFx by the Federal Bureau of Investigation (FIA) in Pakistan without providing any further details.

Pakistan is not the first country to be hostile towards Binance since last year. United Kingdom, Netherlands, Germany, Italy, Malta and several Asian countries have announced the world’s largest exchange to operate in their jurisdictions without any legal permission, causing Binance to withdraw from those territories.

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