The Sindh High Court (SHC) has ordered the government to regulate cryptocurrencies and constitute a committee under the federal secretary of finance to oversee the proceedings, reported a national daily.
The decision was made in response to a petition to discuss and review the future of cryptocurrencies. Members of the Federal Investigation Agency, State Bank of Pakistan (SBP), and associates were also in attendance.
As per reports, the SHC has directed concerned stakeholders to devise a regulatory model for governing and dealing with cryptocurrencies in Pakistan. The Court mandated all parties present to complete all formalities within three months and submit a detailed report on the matter in quick succession.
A similar hearing was reportedly conducted at the Lahore High Court (LHC) with officials representing the FIA, SECP, SBP, and judiciary also present. The LHC panel solicited legal assistance from concerned stakeholders to expedite proceedings on the matter and present a unified legal standpoint on cryptocurrencies as soon as possible.
In 2019, the State Bank of Pakistan had initially panned out a long-term blueprint for launching its own digital currency by 2025, with fully digitized and technologically equipped regulatory measures which, when completed, would help redefine the role of central banking.
Two years later, that plan looks very much likely to be revived as major players in the local crypto space look determined to help define the future for cryptocurrencies. “A journey of a thousand miles begins with a single step” and the SHC order might as well be the starting point.