President FPCCI Nasir Hayat Maggon has advised the government to allow cashing of the cryptocurrency in the country as Pakistanis have hoarded $20 million in digital currency, reported 24NewsHD TV channel on Wednesday.
The president of the Federation of Pakistan Chamber of Commerce and Industry was of the view that the government should legalize the cryptocurrency in the country as Pakistan comes on No 3 in the list of countries doing business in digital money.
He informed that 20 million dollars of Pakistanis have been put in cryptocurrency. People go to Dubai to cash their digital assets, it’s better if the government allows cashing of digital money in the country, Maggon added.
On Oct 20, the Sindh High Court ordered the federal government to regulate the cryptocurrency as well as bitcoins in three months.
During the hearing of a petition filed by a citizen named Waqar Zaka against the ban imposed by the government on Digital Cryptocurrency, the court also directed the government to submit to it a report on the issue in three-month times.
The SHC also ordered the constitution of a high-level committee under the federal secretary of finance which would consult all the stakeholders before taking steps for the regulation of the currency.
It directed that the representatives of the Securities and Exchange Commission of Pakistan (SECP), the State Bank of Pakistan (SBP), ministries of law, and IT be also included in the committee.