Peshawar High Court Asks Govt to Regulate Cryptocurrency Within Two Months

The Peshawar High Court has (PHC) granted the federal government a two-month deadline to regulate cryptocurrency and digital forex trading through proper legislation. A two-member bench, comprising Justice Syed Arshad Ali and Justice Dr. Khurshid Iqbal, heard a petition against the illegal cryptocurrency trade. The petitioner, Barrister Huzaifa Ahmad, informed the court that cryptocurrency trading continues illegally across the country, despite being declared unlawful by the State Bank of Pakistan (SBP) in 2018. He further stated that crypto coaching and training centers are operating without government approval in Khyber Pakhtunkhwa and other provinces. The petitioner cited examples of countries such as China, Morocco, and Algeria, which have banned cryptocurrency, emphasizing that the unregulated trade of digital currencies poses a security threat to Pakistan. The petition also raised concerns over the appointment of a strategic advisor to the Pakistan Crypto Council, alleging that the individual in question has a criminal record in the United States. During the hearing, the Deputy Attorney General requested a one-month extension, but the court ordered the government to complete the necessary legislation within two months and submit a report.