Use Of Cryptocurrency Is Still In The Hands Of High Court

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • The state bank of Pakistan recently submitted a response (written statement) to Sindh high court regarding the use of crypto.
  • The ban on the use of Cryptocurrency is categorized as an injustice act and made the point that it is against the laws of the constitution.
  • The use of Cryptocurrency is not against the interests or disobeys any rules of the government.

The state bank of Pakistan recently submitted a response (written statement) to Sindh high court regarding the use of crypto. During the case run, the high court has asked the applicant to answer the file or written response submitted by the State Bank.

The applicant gave a reply saying that the State bank had barred the use of Cryptocurrency in a manner on 6th of April 2018, the primary response provided by the applicant was that the ban on the use of Cryptocurrency is categorized as an injustice act and made the point that it is against the laws of the constitution.

He stated with the proof that the use of Cryptocurrency is not against the interests or disobeys any rules of the government. The hearing has not been made final by the Sindh High court, and it has asked the involvement of the Federal Investigation Agency (FIA) to seek further assistance in this matter, the court hearing said to postponed until the 25th of February.

Earlier a monetary policy was announced but the State Bank of Pakistan for the next two months, this application placed an interest rate of 13.25% that is an eight-year high and hasn’t changed since then.

The governor of State bank of Pakistan, Baqir Raza gave a press response and gathering that the final decisions based on the interests and higher orders from the central bank, and the decision to the above matter has made saying that to maintain the same interest rates ranging from 11-12% for this entire year.

Many countries’ governments are still deciding whether to legalize the use of Cryptocurrency over the fear that it can easily use to in illicit trades and activities. Tighter regulations should be used to enhance the use of Cryptocurrency and benefits technology in the development process.

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