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LHC seeks report from FBR on cryptocurrency’s legal status in Pakistan

LHC seeks report from FBR on cryptocurrency’s legal status in Pakistan

LAHORE: The Lahore High Court (LHC) has sought report from the Federal Board of Revenue (FBR) regarding the legal status of cryptocurrency in Pakistan.

A single bench comprising Justice Jawad Hassan here is the case. The court while allowing economic expert Faisal Qureshi to assist the court in the case, sought a report from the Federal Board of Revenue regarding the legal status of the cryptocurrency.

The petitioner’s lawyer stated that it is not clear what is the legal status of cryptocurrency and who is to regulate it. The law is silent on whether a person accused of cryptocurrency fraud should approach a banking court or some other court.

Earlier, the Lahore High Court (LHC) had constituted a committee to present its opinion and recommendations on the legal status of cryptocurrency in Pakistan.

The body comprises officials of the State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR) and the Federal Investigation Agency (FIA).

It is pertinent to mention here that the Sindh High Court, while hearing petitions against the ban on cryptocurrency, has also constituted a team to discuss and report on the legal status of cryptocurrencies in the country.