The Peshawar Supreme Court (PHC) directed the federal government to formulate a policy within two months aimed at addressing the increasing illegal trading and commercial activities involved in an encrypted currency across the country, including Khyber Bakhtonguhu, according to media reports.
The court also ordered the presentation of a report that explains in detail the progress.
The guidance came from the seat of a division consisting of Judge Sayyid Irshad Ali and justice, Dr. Khorshid Iqbal, during the petition session presented by lawyer Hoza Ahmed. The owner of the petition, who represents himself in court, has raised concerns about the absence of an organization surrounding digital currencies, which, despite the notification of 2018 from the State Bank in Pakistan, announces that these activities are illegal, still flourish on various digital platforms.
The owner of the petition has argued that many training centers and training academies in Khyber Bakhtongua promoted the cryptocurrency and Forex currency, often via social media platforms such as Tiktok, Facebook and YouTube. These operations operate without government supervision and not registered with the Securities and Stock Exchange Committee in Pakistan (SECP), although they can contribute to tax revenues for the Federal Revenue Council (FBR).
The owner of the petition also highlighted the risks posed by these unorganized operations, and a warning against potential participation in money laundering and terrorist financing. He stressed that illegal trading can be used for anti -state activities, which is a serious threat to national security.
In response, the Deputy Prosecutor told the court that the federal government was already in the drafting of the legislation. The court has given a two -month deadline for the government to present a policy on this issue and postpone the session.
