Pakistan to Ban Cryptocurrencies Permanently

The Federal Government has decided to permanently ban cryptocurrency and all related online services in Pakistan, citing potential risk of terror financing after the country’s removal from the Financial Action Task Force (FATF) grey list.

During a meeting of the Senate Standing Committee on Finance and Revenue, Minister of State for Finance, Aisha Ghaus Pasha, said that Pakistan’s Government will never legalize cryptocurrency.

“State Bank of Pakistan (SBP) and the IT Ministry have started working on banning cryptocurrencies,” she said, adding that FATF has also imposed conditions and recommended imposing a ban on cryptocurrencies in Pakistan.

During the meeting, Senator Salim Mandviwala said that billions of dollars have been invested in cryptocurrency from Pakistan, while State Bank of Pakistan (SBP) officials said that cryptocurrency was a total fraud and should never be recognized in Pakistan.

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