Sindh High Court had constituted a committee from SBP experts to ascertain the benefits and losses of adopting cryptocurrency as legal tender in Pakistan on 20 October 2021.
This committee presented its finding before Sindh High Court on the 12th of Jan 2022.
As per the committee recommendation, cryptocurrency is not in benefit of Pakistan because of its volatile nature. The worth of cryptocurrency mainly depends upon market speculation and there is nobody behind this digital currency to control and regulate it.
Waqar filed a petition in Sindh High Court to make cryptocurrency as legal tender in Oct 2021.
Then Sindh High Court formulated a committee of some financial experts from State bank and to ascertain the nature of cryptocurrency to determine whether is it really in benefits for country’s economy as Waqar Zaka is saying.
As per the committee recommendation, Sindh High Court has asked the Ministery of Finance and Law to formulate a draft for the regulatory framework and further assess the future of cryptocurrency to make it a legal tender a completely ban the same in the country.
Sindh high court has given further three months to the Ministry of finance and law to present their finding before the court.
Pakistanis have almost $1 Billion in Cryptocurrency and as per research, this invested amount is now equal to $20 Billion which is a big amount for a poor country like Pakistan.
Now it’s all up to the recommendation of Law and ministry to approve or disapprove cryptocurrency as legal tender in Pakistan. But as per ground realities, cryptocurrency may not be adopted by the Govt of Pakistan as legal tender in near future because of its nature of volatility and insecurity.
Pakistanis have already lost almost $100 Million which is almost Rs20 Billion in online cryptocurrency-related applications. ALmost 11 applications attracted investment from Pakistanis and ran away on 19th December 2021.