He said authorities had been contacted by Telegram to indicate the whereabouts of the administrators of the fraudulent apps. “Social media influencers promoting these apps will receive legal guidance to explain their point of contact with the apps,” the agency said. The samaa tv article states that the State Bank of Pakistan and the federal government of the country have taken the decision to declare the use of cryptocurrencies illegal. The article cites a report filed by the Supreme Court of Sindh (SHC) on December 12. The situation has been changing since October of last year, when the SHC ordered the federal government to enact cryptographic regulations within three months. The court also demanded a report that would determine the legal status of crypto; A special committee was formed for this purpose. Islamabad [Pakistan], 12. January (ANI): Pakistan has decided to ban the use of all cryptocurrencies, local media reported, citing a report submitted to the Sindh High Court (SHC) on Wednesday. Samaa TV reported that the State Bank of Pakistan and the federal government have decided to ban the use of all cryptocurrencies, according to the report submitted to SHC at a hearing on digital currencies.
The status of cryptocurrencies in Pakistan has been suspended in the absence of laws and rules governing the use of these digital currencies for trade. On October 20, the Supreme Court of Sindh ordered the federal government to regulate cryptocurrencies within three months. The court ordered the government to form a committee headed by the German finance minister to determine the legal status of cryptocurrencies, Samaa TV reported. The court had ordered the authorities to prepare a report on the use of cryptocurrencies. Earliar, Pakistan`s Federal Investigation Agency (FIA), informed Binance, a cryptocurrency exchange, during the investigation into a cryptocurrency scam involving about $100 million. Pakistan is not the first country hostile to Binance since last year. The UK, the Netherlands, Germany, Italy, Malta and several Asian countries announced that the world`s largest stock exchange was operating in their jurisdictions without legal permission, prompting Binance to pull out of those territories. The report was published and submitted to the court on December 12. It states that all crypto assets are illegal and should be banned from trading. One of the reasons for the ban is that crypto can be used to launder money and fund terrorist acts.
In order to enforce the ban, a legal framework will be created at a later date. Pakistan is following China`s lead and declaring a total ban on the use of all cryptocurrencies, according to local media samaa.tv. Apart from that, the source article mentions that Pakistan`s financial authority is conducting an investigation against the Binance exchange. Earlier this year, we reported that the RBI was investigating a number of crypto exchanges suspected of tax evasion. One of the exchanges was Binance (BNB) WazirX. Whether you buy or trade Cryptos, your trades will be executed instantly thanks to the huge liquidity (volume) of buyers and sellers on Binance. “Binance has been asked to provide the terms, official proofs and integration mechanisms of these APIs (applications) with Binance,” he added. This, in turn, would document the asset class and integrate it into the tax network, as would investing in other asset classes such as stocks, commodities and bonds. Despite regulatory hurdles, news continues to hit the threads of Binance, which is stepping up its compliance department to work with regulators with the vision of becoming an industry leader in the crypto space.
The court held hearings on the cryptocurrency case. Now, the country`s central bank has asked the court to ban crypto and punish crypto exchanges operating in the region. Does the euro have enough upward momentum to reach 1.1547? Despite the ban on investing in cryptocurrencies, Bitcoin (and crypto-mania) has now fully penetrated Pakistan. We all have friends, family and relatives who have invested in crypto assets. Unsurprisingly, Binance, a crypto exchange, is now the fourth most downloaded app in Pakistan. According to local Pakistani media samaa tv, the State Bank of Pakistan and the federal government have decided to ban the use of all cryptocurrencies. Pakistan has also just launched an investigation into Binance. t.co/MtnaDVtbAc As a result, relatively unknown wallets and shady platforms flood social media sites.
Pakistani social media influencers on TikTok and Twitter with millions of followers advise retail investors on how and where to invest in the crypto space. The cybercrime wing of the Federal Investigation Agency (FIA) (Sindh) said Friday that it informed an official of Binance, a popular cryptocurrency exchange, while investigating a multi-million dollar scam. This process is safe and reliable as the platform uses an escrow system to keep your money safe. Whether you are a buyer or seller, the platform ensures that all disputes are handled efficiently.