Cryptocurrency not legal tender, SBP informs SHC

KARACHI: The Sindh High Court (SHC) on Wednesday took up a petition challenging a ban on the use of digital currency in the country and directed the federal government, the State Bank of Pakistan (SBP) and the Federal Investigation Agency (FIA) to submit their detailed reply in the case on November 5.

Justice Muhammad Iqbal Kalhoro, who headed the bench hearing the case, resented the SBP prohibiting the use of cryptocurrency, saying Pakistan still lags behind the rest of the world in using modern technology.

Why is cryptocurrency outlawed in Pakistan when it is being used globally, he questioned. To this, an SBP lawyer replied that there is no ban on it in Pakistan but it has not been regulated.

Justice Kalhoro further asked why cryptocurrency has not yet been regulated. “If using digital currency doesn’t constitute an unlawful act, why is it not being allowed?”

The court directed the authorities to place on record international laws regarding cryptocurrency.

In a written reply submitted in the case, the central bank opposed the use of digital currency in the country saying it has already issued an advisory warning against trade in virtual currency as it is not legal tender.

The petitioner stated that the State Bank imposed a ban on the use of digital currency on April 6, 2018 despite that developing countries are earning significant revenue from the cryptocurrency which doesn’t pose any threat to national interests.

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Police arrest another suspect in Rimsha Wassan murder case

KHAIRPUR: Police on Tuesday arrested another suspect in Rimsha Wassan murder case during a raid in Khairpur, ARY News reported. Police said suspect Hidayatullah was arrested during the raid and weapons were recovered from his possession. They said the arrested suspect was a close aide of Zulfiqar Wassan, Sabir Wassan and Abdul Ghaffar. “The suspect will be produced before the Anti-Terrorism Court for remand,” said police. On March 19, an anti-terrorism court (ATC) had extended the remand of three suspects in Rimsha murder case for three more days for further investigations. Hearing the Rimsha murder case, the court, on the request of police, had decided to extend the physical remand of the suspects for three more days. Read More: ATC extends suspects’ remand in Rimsha murder case According to the details, police had produced the prime suspect, Zulfiqar Wassan alias Zulfoo , his associates nominated in the case, Ghaffar Wassan and Sabir Wassan before the court amid strict se...

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India’s coronavirus cases rise by a daily record of 55,078

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