from China, India, and Russia. cryptocurrency bans another one has been added. In Pakistan, the fifth most populous country in the world with a population of more than 210 million, it has been revealed that the government has started working to ban cryptocurrencies.
According to local news channel Samaa.tv, there is no law regulating the use of digital currencies in the commercial sector. the problem of control brought it with him. The commission established within the Central Bank of Pakistan, with the decision of the Sindh High Court, which is conducting an investigation, has prepared a report to the court on the legal status of cryptocurrencies.
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“Cryptocurrency can be used to finance terrorism”
With the decision of the high court in October, the Pakistani government started working to bring legal regulation to the crypto money sector. The commission established within the Central Bank of Pakistan by the order of the court completed its report. While it was stated in the report that cryptocurrencies would do more harm than good to the Pakistani state, ban It has been recommended.
In the report, which draws attention to the fact that cryptocurrencies are illegal, cannot be used in the commercial sector. information shared. The Commission also cited countries such as China that have banned cryptocurrencies as an example. It was also stated that cryptocurrency exchanges operating in Pakistan, including Binance, should be banned, and it was recommended to impose criminal sanctions on these companies.
Authorities’ concern is that cryptocurrencies to finance terrorism and money laundering due to its usability. The Sindh High Court sent the commission’s report to the Ministry of Justice and the Ministry of Finance. Both ministries will be consulted and a decision will be made in April whether cryptocurrencies will be banned in the country.
Turkey’s crypto money law on the horizon
President Recep Tayyip Erdoğan, at the meeting he held with economists and academics in December, stated that the studies on the legal infrastructure of cryptocurrencies in our country are ready and that It will be moved to the Turkish Grand National Assembly as soon as possible. explained.
A subcommittee is expected to be formed to discuss the law in detail. After the final work is completed, the bill will be presented to the Parliament. The regulation is expected to be implemented within this legislative year.