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LHC seeks opinion on legal status of cryptocurrency

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LAHORE: The Lahore High Court (LHC) on Saturday sought legal opinions on the legal status of cryptocurrency in the country until October 20.

The court directed the Federal Investigation Agency (FIA) and other departments to give their opinions on the scope of hearing of a cryptocurrency case.

The LHC also barred a banking court from hearing the bail petition of a suspect in a cryptocurrency case.

Javed Kasuri Advocate appeared before the court on behalf of Muhammad Asghar, the petitioner in the case.

The court said it wanted to know whether a legal framework had been devised to regulate cryptocurrency. “Has the Securities and Exchange Commission of Pakistan (SECP) sought public opinion on the currency? Is the Federal Investigation Agency (FIA) authorised to probe matters related to the cryptocurrency business? And does the Foreign Exchange Regulation Act prohibit people from dealing in cryptocurrency?” It said.

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