LAHORE: The Lahore High Court on Wednesday called report from the concerned departments about legality of cryptocurrency and its regulation in the country.
The court also asked the amicus curie and the representatives of the departments to discuss the matter of cryptocurrency and submit their report on next hearing.
Earlier the counsel of the petitioner, Muhammad Asghar, contended that there is no law about the cryptocurrency in the country. An official of FIA also said they have been facing difficulties in the cryptocurrency cases.
The FIA had lodged an FIR against the suspect, Dr Muhammad Zafar, on the allegations of defrauding public at large in the name of investment in cryptocurrency to the tune of over Rs 260 million.
The counsel of Dr Zafar asked the court to hear his bail matter. The court said the matter should be heard by the court of original jurisdiction.
The counsel said that the banking court had no jurisdiction to deal with the matter. He explained that the special courts were established with the mandate to proceed with the trial of scheduled offences as per section 4 of Banks (Special Courts) Ordinance, 1984. He contended that the core point involved in the case related to issuance of cryptocurrency by the suspect who was neither a bank nor authorized by the SBP or any bank, therefore, the judge of special court had no authority to deal with the matter.
The court adjourned the matter till next hearing as a law officer sought time to seek instructions from the relevant departments.
Copyright Business Recorder, 2021
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