{"id":55812,"date":"2022-01-13T11:55:43","date_gmt":"2022-01-13T09:55:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=55812"},"modified":"2025-09-04T03:25:31","modified_gmt":"2025-09-04T00:25:31","slug":"media-reports-say-pakistan-plans-to-ban-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/media-reports-say-pakistan-plans-to-ban-cryptocurrencies\/","title":{"rendered":"Media reports say Pakistan plans to ban cryptocurrencies"},"content":{"rendered":"<p>The State Bank of Pakistan (SBP) and the federal government have decided to ban the use of all cryptocurrencies. This is reported by <a href=\"https:\/\/www.samaa.tv\/money\/2022\/01\/sbp-govt-pakistan-ban-cryptocurrencies\/\">Samaa<\/a> citing a report presented to the Supreme Court of Sindh.<\/p>\n<p>On 20 October 2021, the court <a href=\"https:\/\/forklog.com\/en\/news\/sind-high-court-orders-pakistans-government-to-regulate-cryptocurrencies\">ordered<\/a> authorities to form within three months a committee to establish a regulatory framework for cryptocurrencies, and to prepare a report on the use of digital assets.<\/p>\n<p>The document states that cryptocurrencies are illegal and cannot be used for trading.<\/p>\n<p>It lists at least eleven countries, including China and Saudi Arabia, that have banned virtual currencies.<\/p>\n<p>The report also mentions <a href=\"https:\/\/forklog.com\/en\/news\/pakistani-authorities-to-examine-binances-links-to-a-100-million-crypto-scam\">an investigation<\/a> by authorities into crypto exchanges, such as Binance and OctaFx, and the risk these platforms pose to investors.<\/p>\n<p>The court ordered the document to be sent to the ministries of finance and justice for a final decision on the legal status of cryptocurrencies. These ministries will also determine whether the ban on digital assets is consistent with the Constitution.<\/p>\n<p>The 38-page report was presented by SBP deputy governor Sima Kamil. In 2018 the central bank issued a circular banning financial institutions from engaging in any dealings with virtual currencies.<\/p>\n<p>As noted by researchers at the United States Library of Congress&#8217;s Law Library, 51 countries worldwide have, in some form, <a href=\"https:\/\/forklog.com\/en\/news\/report-more-than-50-countries-have-imposed-restrictions-on-cryptocurrencies\">imposed bans<\/a> on cryptocurrencies.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The State Bank of Pakistan (SBP) and the federal government have decided to ban the use of all cryptocurrencies. This is reported by Samaa citing a report presented to the Supreme Court of Sindh.<\/p>\n","protected":false},"author":1,"featured_media":55813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1412,1774],"class_list":["post-55812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bans-and-restrictions","tag-pakistan"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/55812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=55812"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/55812\/revisions"}],"predecessor-version":[{"id":55814,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/55812\/revisions\/55814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/55813"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=55812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=55812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=55812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}