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Pakistan Govt. and State Bank of Pakistan (SBP) have decided to ban the use of all cryptocurrencies.

Media resources reported that the State Bank of Pakistan and the federal government have decided to ban the use of all cryptocurrencies, as per the report submitted to Sundh High Court during a case hearing about digital currencies.

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The status of cryptocurrencies in Pakistan is ambiguous in the absence of laws and regulations to use these digital currencies for trade.

On October 20, the Sindh High Court ordered the federal government to regulate cryptocurrencies within three months.

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The Sindh High court also directed the government to form a committee under the chairmanship of federal secretary of finance to determine the legal status of cryptocurrencies.

However, upon hearing the court has been told that Govt. and SBP are going to ban all cryptocurrencies and their operations.

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