According to local media, The State Bank of Pakistan (SBP) is seeking to ban all cryptocurrency transactions.

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In a document submitted to the Sindh High Court this week, several Pakistani authorities, including deputy governor of the SBP, Sima Kamil, argued that cryptocurrencies like Bitcoin are illegal and should no longer be used for trade.

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Local news channel Samaa TV later reported that the document cited at least 11 countries, including China and Saudi Arabia, that have opted to ban cryptocurrencies. Along with a ban on all crypto activity, the SBP also recommended imposing penalties against crypto exchanges.

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While the Sindh High Court (SHC) has been examining the status of digital currencies, this is the first time that the central bank has offered a stance on the asset class. In October, the court first instructed the government to regulate cryptocurrencies within three months.

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