Minister of State for Parliamentary Affairs Ali Muhammad Khan informed the National Assembly on Wednesday that the government had no intention of opposing the emergence and usability of cryptocurrencies in the country, a national newspaper reported.
In response to a notice to the Chamber regarding the creation of a regulatory framework for cryptocurrencies, the Minister of State said the government had no problems in this regard and was waiting for progress reports from the State Bank of Pakistan (SBP) to clarify the reservation. You may have earlier expedited the case.
The SBP is reportedly reviewing the formalities related to cryptocurrencies and the matter will soon be brought to the Finance Committee.
The state minister said the central bank was approaching the issue with caution as technology was “a new concept” for the country.
The minister added that the government will not mind if Pakistani youth prefer to invest in new technologies.
The above development comes a day after the Sindh Supreme Court ordered relevant government officials to regulate cryptocurrencies and complete all formalities within three months.
A similar hearing took place in the Lahore Supreme Court, where the panel sought legal assistance from relevant stakeholders in order to expedite the process on the matter and present a unified legal perspective on cryptocurrencies as soon as possible.