Notices issued on petition to curb cryptocurrency trade

PESHAWAR: The Peshawar High Court (PHC) on Wednesday issued notices to the federal and provincial governments in response to a petition seeking action against the illegal trade and transactions of digital currencies, including cryptocurrencies, across Pakistan.

The court has sought replies from the authorities concerned and directed them to address the issue.The petition, filed by Barrister Huzaifa Ahmad, called for legislative measures to regulate or ban such online businesses. It also demanded action against coaching centres, training academies and companies involved in promoting cryptocurrency-related activities. Additionally, it urged the Federal Investigation Agency (FIA) and other relevant bodies to take strict enforcement measures.

A two-member bench comprising Justice SM Attique Shah and Justice Sahibzada Asadullah heard the petition. During the hearing, the petitioner argued that while digital currencies had emerged as a global phenomenon in the technological age, Pakistan lacked laws to regulate or control these transactions.

The petition said that the State Bank of Pakistan (SBP), through a 2018 notification, had declared online cryptocurrency trading illegal. It said that despite this, numerous individuals and entities continued to engage in cryptocurrency trading by using various digital platforms and applications, operating outside the regulatory framework.