First meeting of SHC formed cryptocurrency committee to be held on Oct 25
According to an order issued by the Sindh High Court (SHC), the court-constituted committee led by the deputy governor of the central bank, Sima Kamil, will have its first session on the status and potential legality of cryptocurrency on October 25.
While hearing petitions against the cryptocurrency prohibition, the Sindh High Court bench formed a committee to discuss and report on the legal position of cryptocurrencies in the nation.
The committee’s first meeting will be held at the State Bank of Pakistan (SBP) headquarters, with participation from the heads of the Securities and Exchange Commission of Pakistan (SECP), the finance secretary,, the IT ministry, the financial monitoring unit, and the federal investigation agency (FIA).
According to the court ruling, the committee must provide its findings on the legal framework of cryptocurrencies. It also ordered that a report on firms that conduct transactions and trade in illicit currency be presented to the court.
Following its initial meeting, the committee, which will include the petitioner in the case, will meet every 15 days, according to the SHC’s written ruling issued today.
According to the Sindh High Court, Article 18 of the Pakistani Constitution enables citizens to run their businesses freely. The next hearing was adjourned until January 12, 2022.