LAHORE: The Lahore High Court (LHC) Friday directed the State Bank of Pakistan (SBP) to consultative sessions across the country in the presence of all parties to discuss matters related to legalizing cryptocurrency.

The Lahore High Court (LHC) Justice Jawad Hassan heard a case related to granting legal status to cryptocurrency in Pakistan. The State Bank of Pakistan (SBP) has been ordered to organize consultative sessions across Pakistan besides ensuring the presence of all parties to review legal aspects of giving legal status to cryptocurrency.

A representative of the central bank has appeared in the hearing over court orders. The SBP representative informed that three sessions have been summoned for reviewing the legal status of cryptocurrency. The amicus curiae told the court that the cryptocurrency could not be termed illegal and it is required to regulate it.

Justice Jawad Hassan remarked that the court will have to save the national institutions. “Who will be caught if someone defrauds the nationals after declaring the cryptocurrency legal,” observed the LHC judge.

The judge continued that the central bank will face the consequences of any fraud with the nationals. He remarked that everyone has witnessed the consequences of a move for not regulating the private housing societies. The high court said that a mechanism must be in place to monitor those who are receiving deposits from the nationals.