**Peshawar High Court Calls for a Two-Month Plan to Tackle Unauthorized Cryptocurrency Trading Across Pakistan**
The Peshawar High Court has asked federal authorities to devise a strategy within two months to address unauthorized cryptocurrency trading throughout the country. This decision came after a petition was presented by Barrister Huzaifa Ahmad, who represented himself in court. Judges Syed Arshad Ali and Dr. Khurshid Iqbal delivered the ruling, emphasizing the need for action against unregulated trading platforms that operate outside the established securities guidelines.
Deputy Attorney General Bilal Durrani represented the government during the proceedings, and the court has mandated that officials submit a report detailing their approach to curbing these activities, which are prevalent in various regions, including Khyber Pakhtunkhwa. Barrister Ahmad pointed out that the State Bank of Pakistan had previously deemed certain online trading ventures illegal in a notice issued in 2018. Despite this, many individuals continue to engage in trading virtual currencies and offering related services.
Moreover, Ahmad highlighted that training academies are promoting Bitcoin and forex trading through popular social media platforms like TikTok, Facebook, and YouTube. These entities often collect funds through online channels without proper registration under securities exchange regulations, allowing them to evade taxation that could otherwise benefit public revenue. He raised concerns that these operations pose significant safety risks, as they could facilitate money laundering and terror financing, potentially undermining national security.
In light of the government’s ongoing efforts to draft specific legislation regarding cryptocurrencies, Deputy Attorney General Durrani requested additional time to finalize the proposed regulations. The bench acknowledged the necessity for legal clarity and instructed relevant agencies to collaborate effectively in this endeavor.
Analysts at ETHNews believe that the forthcoming guidelines will have a substantial impact on various players in the cryptocurrency sector, particularly those operating without oversight. They view this as a pivotal moment, reflecting the increasing pressure to tighten regulations surrounding digital currencies. However, some industry observers anticipate that the sector will adapt by creating more compliant frameworks if the government implements stringent directives.
In a light-hearted moment, a tweet from Umair Nauman noted the sighting of a #Binance truck on the road, signaling that cryptocurrency adoption is indeed gaining traction in Pakistan.
Ultimately, the High Court’s order aims to strike a balance between ensuring public safety and fostering economic activity, while also reminding traders of the potential consequences of disregarding existing banking and securities laws.
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