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.

The post Cryptocurrency not legal tender, SBP informs SHC appeared first on ARY NEWS.

Comments

US coronavirus death toll passes 3,000

The US death toll from the coronavirus pandemic passed 3,000 on Monday, according to the running tally compiled by the Johns Hopkins University, with more than 163,000 confirmed cases. The United States has recorded 3,008 deaths, according to the tally, while its 163,429 cases are by far the highest national number ahead of Italy, Spain and China. President Donald Trump has been criticized for an initially slow response by the federal government to the now-accelerating pandemic spread. Harrowing scenes from hospitals in New York and elsewhere revealed a health system unprepared with basic supplies such as face masks, as well as life-saving devices like respirators. On Sunday, Trump cancelled his plans to re-open much of the country by Easter — April 12 — and extended social distancing guidelines until the end of April after his top scientists confronted him with data on the rising coronavirus crisis. Trump said America’s death rate was likely to increase for two weeks, describing...

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

BENGALURU: India reported another record surge in daily COVID-19 cases on Friday, taking the total to 1.64 million, as the government further eases virus curbs in a bid to resuscitate the economy, while also trying to increase testing. Infections jumped by 55,078 in the past 24 hours, while the death toll rose by 779 to 35,747, the Ministry of Health and Family Welfare said on its website. The ministry also said it aimed to raise the country’s capacity to 1 million coronavirus tests per day in the medium term, from a record 600,000 on Friday. The federal government this week announced the reopening of yoga institutes and gymnasiums, and removed restrictions on the movement of people and goods. The post India’s coronavirus cases rise by a daily record of 55,078 appeared first on ARY NEWS .

Punjab education minister asks private school owners to reduce fees

LAHORE: Punjab Minister for Schools Education Dr Murad Raas on Tuesday asked owners of private schools in the province to cut 20 percent fees amid coronavirus spread. The request has been made for the months of April and May. Murad Raas chaired a meeting to review the fees of the private schools. The minister requested the private school owners not to fire any teacher from job due to present circumstances. Punjab authorities have also started preparations for introducing an online system for conducting academic sessions and classes in universities across the province. The decision was taken to reduce burden and educational loss of the students amid the closure of all institutions due to coronavirus pandemic . A committee had been established to complete the task over the directives of Punjab’s Minister for Higher Education Khawaja Yasir Humayun. PHEC Chairman Professor Dr Fazl Khalid is appointed as convenor of the committee which has been tasked to finalise the suject-wise sche...

Siasat Wala Blog

Search This Blog