The Senate Standing Committe of Finance has decided to ban Cryptocurreny services in Pakistan from all the internet websites. State Bank of Pakistan and IT Ministry have already started working on banning.
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The Minister of State for Finance Aisha Ghaus Pasha said that, ‘Government will never legalize cryptocurrency in Pakistan as it is no more than a fraud. State Bank of Pakistan and IT Ministry started their work for banninv cryptocurrency from all internet websites’.
She further said that, FATF has also imposed the same conditions and cryptocurrencies will not be allowed in any case.
Billions of Dollar in Fraud
Senator Salim Mandviwala also talked about the matter saying, ‘Cryptocurrency is a scam still billions of dollars from Pakistan are already invested in it’. People should think before investing their money in scams and frauds.
The official of State Bank of Pakistan said thag Federal Investigation Authority and Financial Monitoring Unit (FMU) crackdown on Pakistani investment in cryptocurrency as it is a total fraud.
The Director of Central Bank Sohail Jawad also said that the Global market of Cryptocurrency has shrunk from $2.8 trillion to $1.2 trillion and total of 16,000 types of cryptocurrencies have been created so far.