Pakistani cryptocurrency traders and enthusiasts fight back against the banking ban of cryptocurrency in the country. Recently the Twitter trend #CryptoKoLegalKaro was run to pressurize the government to consider a friendly cryptocurrency regulation. The Reserve Bank Of India has released a circular and put a banking bank on cryptocurrency dealing in Indian on 6 April 2018. The same was done by State Bank Of Pakistan on 7 April 2018. Same as RBI, the SBP (State Bank Of Pakistan) announced in an official circular that the banks will not deal with transactions involving bitcoin and other virtual currencies. Later in March 2020, the Supreme Court Of India lifted the banking ban on cryptocurrency by RBI. But that was not the case in Pakistan.
Virtual Currencies (VCs) like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings (ICO) tokens are not legal tender, issued or guaranteed by the Government of Pakistan. SBP has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan. In view of the foregoing, all Banks/ DFIs/ Microfinance Banks and Payment System Operators (PSOs)/Payment Service Providers (PSPs) are advised to refrain from processing, using, trading, holding, transferring value, promoting and investing in Virtual Currencies/Tokens. Further, banks/DFIs/Microfinance Banks and PSOs/PSPs will not facilitate their customers/account holders to transact in VCs/ICO Tokens. Any transaction in this regard shall immediately be reported to Financial Monitoring Unit (FMU) as a suspicious transaction.State Bank Of Pakistan Official Circular
Many cryptocurrency enthusiasts took over twitter to trend #CyptoKoLegalKaro and request Prime Miniter Of Pakistan Imran Khan to consider unbanning of cryptocurrency.
The Twitter campaign #CryptoKoLegalKaro was led by Pakistani TV Celebrity who is popular for hosting TV shows like Living On The Edge, Champions, and more. Waqar is also the founder of the crypto project TenUp Nation which is a masternode based POS coin. Waqar Zaka is also fighting a case against the ban by State Bank Of Pakistan in the High Court of Singh, Karachi. In a recent statement in Court, the lawyer said the SBP had not banned digital currency or digital currency, it had instead issued guidance warning against the use of digital currency. But the ground reality tells a different story. Recently Federal Investigation Agency (FIA) of Pakistan has arrested many individuals and firms owner for trading, holding, and mining Bitcoin and other cryptocurrencies. The next hearing of the court case is on 17 Nov 2020.
Prime Minister Imran Khan also believes in Blockchain technology to ensure transparency, efficiency, and improve overall service delivery in government processes. But no progress towards the legalization of cryptocurrencies has been yet.