WAQAR ZAKA vs FEDERATION OF PAKISTAN through Secretary Ministry of Law and Justice and Parliamentarian Affairs Legality of — 2022 CLD 652 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2022 CLD 652 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2022
Reporter: CLD
Parties: WAQAR ZAKA vs FEDERATION OF PAKISTAN through Secretary Ministry of Law and Justice and Parliamentarian Affairs Legality of
Subject matter: Criminal

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

WAQAR ZAKA VS FEDERATION OF PAKISTAN through Secretary Ministry of Law and Justice and Parliamentarian Affairs Legality of---Scope---Petitioner wanted to open the business concerning crypto currency exchange in Pakistan---State Bank of Pakistan stated that crypto currency was not legal tender in Pakistan; that the use of crypto currency in any form was also a difficult task to regulate; that at this point in time no such regulations existed and that under the law it was not even made clear whether any trade in crypto currency which was not legal tender was allowable---FIA had lodged FIRs against persons transacting crypto currency business and crypto miners for being in violation of State Bank of Pakistan circulars---High Court noted that a number of countries were allowing such trade and since Pakistan was a progressive country and needed to keep up with global banking practices it might want to consider the legality of certain types of crypto currency being transacted in the country provided that a proper regulatory framework was put in place---Since use of crypto currency was a relatively new form of banking/business transaction and much thought and consideration was required to be taken as to whether any form of crypto currency was to be permissible, as such, a committee was ordered to be set up to consider whether it was both viable and advisable; whether as a matter of policy the Government of Pakistan might consider introducing some kind of crypto currency business in Pakistan.

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