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pakistan
Thursday Dec 17 2020
By
Web Desk

SHC restrains FIA from harassing Bitcoin, other cryptocurrency dealers in Pakistan

By
Web Desk
Digital currency is a balance or a record stored n a distributed database on the internet in an electronic computerised computer database. Photo: Geo. tv/ file

  • Justice Amjad Sehto hears petition filed against the ban on digital currencies in Pakistan.
  • Petitioner argues FIA taking action against digital currency traders on its own.
  • Court asks FIA to stop harassing cryptocurrency users and submit its written reply in court.

KARACHI: The Sindh High Court restrained authorities to take action against or investigate digital currency traders on Thursday.

It issued a show-cause notice to the FIA Cyber Crime Deputy Director for not appearing in court.

Justice Amjad Sehto heard a petition filed against the ban on digital currencies such as cryptocurrency. 

Read more: China begins trial of state-run digital currency in four major cities

The petition read that the investigation agency is taking action against digital currency traders on its own. 

It contended that the State Bank of Pakistan is not opening a Bitcoin account.

The court expressed its displeasure over the non-submission of replies from FIA and Assistant Attorney-General Gulfaraz Khattak. It summoned the finance secretary in person.

The judge asked FIA authorities to stop harassing people and submit its  written reply in the case.

“FIA does not do its job, nor does it allow others to conduct their business," the judge said.

“If the FIA bothers you, let us know,” Justice Sehto told the petitioner.

Read more: Why did Bitcoin break a three-year-high price record?

The judge then asked the SBP lawyer: Do you know how much the virtual currency went up? How much money did people earn?

The court questioned why FIA is stopping people from conducting business.

In response, the SBP lawyer said that the central bank has not asked FIA to take any action against anyone.

The petitioner said FIA takes action on it own accord.

The State Bank has not imposed a ban on cryptocurrency in Pakistan, the central bank's lawyer told the court.

The hearing was adjourned till January 13.