Pakistan's Deputy Minister of Revenue and Finance Aisha Gous Pasha said that internet-accessible cryptocurrency services will be banned to prevent illegal digital money transfers.
According to Anadolu Agency, Pasha said at a meeting of the Senate Standing Finance Committee that cryptocurrency services available on the internet will be banned to prevent illegal digital money transfers under the terms of the Financial Action Task Force on the Prevention of Money Laundering (FATF).
"Islamabad will never legalize cryptocurrencies," Pasha said, noting that the Central Bank of Pakistan and the Ministry of Information Technology are working on banning cryptocurrencies.
Central Bank Director Sohail Javad said that cryptocurrency is a virtual currency and 16 thousand types of it have been created so far, and that the $2.8 trillion market has declined to $1.2 trillion. The Central Bank of Pakistan banned cryptocurrency trading and mining in April 2018. However, despite this ban, the demand for cryptocurrencies continued to increase.
Pakistan, which was included in the "gray list" in June 2018 by the Financial Action Task Force on the Prevention of Money Laundering (FATF) of the Organization for Economic Cooperation and Development (OECD) on the grounds that it "provides financial support to terrorism" and "cannot prevent money laundering", was removed from this list on October 21, 2022.
Source: Anadolu Agency