Court-mandated committee recommends ‘complete ban’ on cryptocurrency in Pakistan

This illustration photograph taken on July 19, 2021 in Istanbul shows a physical banknote and coin imitations of the Bitcoin crypto currency. (AFP)
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Updated 13 January 2022
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Court-mandated committee recommends ‘complete ban’ on cryptocurrency in Pakistan

  • Last year, Sindh High Court ordered government to form high-level committee to review legal status of cryptocurrencies
  • Committee’s recommendation comes amid scandal in Pakistan in which Binance is believed to be involved in $100 million fraud

KARACHI/ ISLAMABAD: A committee formed by the Sindh High Court last year on Wednesday submitted a report before the court recommending a “complete ban” on all cryptocurrencies in the country, officials with direct knowledge of the document said.
Last year, the Sindh High Court ordered the government to form a high-level committee to review the legal status of cryptocurrencies. The order came as part of a hearing in a petition demanding that the court declare null and void a State Bank of Pakistan order dated April 6, 2018, in which it advised banks and payment system operators to “refrain from processing, using, trading, holding, transferring value, promoting and investing in virtual currencies/tokens.”
An official at the central bank — who declined to be identified as the report submitted before the court has not yet been made public — told Arab News the committee identified several risks related to cryptocurrency and made two recommendations to the bank.
“A complete ban on all cryptocurrencies and other related activities in the country,” the bank recommended in a report seen by Arab News. “Unauthorized operations of crypto exchanges to be banned and penalties be imposed by the federal government.”
A second central bank official also confirmed that the report submitted with the Sindh High Court had recommended a ban on cryptocurrencies.
Among the risks of cryptocurrencies, the committee said regulators had not yet sufficiently addressed the phenomenon of cryptocurrencies or settled on a collective approach on the innovation.
The central bank also has concerns over the trading of cryptocurrency by individuals and entities “as it results in outflow of foreign exchanges from the country.”
Consumer protection and lack of legal resource was another concern, the committee noted, saying it was “highly likely that price volatility [would] expose its holders to huge monetary losses.”
The committee also said there was a risk of enforcement due to multiple jurisdiction: “Cryptocurrencies are borderless and there anonymous and pseudonymous nature increases the difficulty of implementing the regulatory and monitoring tools for regulating entity.”
The committee noted that a number of frauds had been reported recently in cryptocurrency exchanges and the investigation and seizure of the assets in the decentralized system had proved difficult.
The committee’s recommendations come amid a $100 million scandal in Pakistan in which Binance, a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies, is believed to have swindled thousands of clients.


Dedicated museum, first of its kind, becomes ambassador for Pakistan’s rich textile traditions

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Dedicated museum, first of its kind, becomes ambassador for Pakistan’s rich textile traditions

  • Adorned with colorful skirts from Tharparkar to talismanic scarves worn by Sindhi grooms, the museum inspires many to preserve their cultural heritage
  • Nasreen Askari, who established The Haveli, wishes for it to not only showcase Sindh’s beauty, but also help generate income for women who create handicrafts

KARACHI: Adorned with traditional garments, from colorful skirts of Tharparkar to the talismanic scarves worn by Sindhi grooms, The Haveli in Karachi has become an inspiration for many in terms of cultural preservation, with each artifact narrating a story, reflecting the landscapes, symbols, and beliefs of the people of Pakistan’s southern Sindh province.
For over 50 years, Dr. Nasreen Askari meticulously collected textiles, and documented the cultural and historical narratives woven into each piece to finally set up The Haveli in December last year. Today, the museum stands as a testament to Sindh’s deep-rooted artistry, offering a glimpse into ancient craft to people in major cities like Karachi where modern outfits mostly get the limelight.
Askari was mesmerized by the vibrant garments worn by women in Sindh’s rural heartlands, when she first arrived at Sindh University in Jamshoro as a medical student in the 1970s. The intricate embroidery and stunning hues were unlike anything she had encountered in Karachi’s urban sprawl where she had lived. What began as curiosity soon evolved into a lifelong passion for her to preserve Sindh’s textile traditions, a pursuit that would ultimately lead to the creation of Haveli.
“This institution, which is called the Haveli, is an attempt to show the cultural heritage that we have, which is so rich and so varied,” Askari told Arab News, acknowledging that her pursuit was in complete contrast to medicine which she practiced for many years.
“It is an obsession. It is not just a hobby. It is actually a passion. That is how that this institution has taken shape. Because if there was no passion, there would not be an institution [like Haveli].”
Askari shared that she practiced medicine for some time and enjoyed it, however, her passion for handicrafts moved her to start collecting artifacts, with the oldest piece being a bridegroom’s scarf she collected some 50 years ago.
“It was a very big surprise for me, and a very attractive surprise,” he recalled the time, when she decided to build her collection.
The Haveli showcases around 75 pieces from Askari’s extensive collection, amassed over five decades. It has a ‘bandhani’ (a woman’s head shawl) from 1978, a ‘kanjiro’ (a blouse or tunic front), a ‘bujhki’ (a dowry purse), ‘lungis’ (used as men’s sashes), and a ‘chola’ (a woman’s shirt). A section dedicated to animals displays a horse’s outfit, a ‘mohra’ and a ‘gaani’ (adornments for a camel’s face and neck), and a ‘jhul’ (a camel saddle cloth).
One of Askari’s favorite articles features is a ‘parha,’ a skirt made by the Meghwar community of Chachro in Sindh’s border district of Tharparkar. This resist-printed, hand-loom cotton skirt is adorned with embroidery, mirrors and depictions of peacocks gamboling among flowers.
While Askari, who is known as one of Pakistan’s pre-eminent experts on textiles, hasn’t ventured into creating her own designs, she hopes to inspire future generations of designers.
“I just stuck to the traditional designs, and to appreciating them, and examining them,” she said. “But I hope in the future, I will inspire design students to make their own designs.”
Syed Hasan Askari, Askari’s husband and chief executive of The Haveli, noted that Sindh’s rich textile traditions stem from its historical role as crossroads for artisans traveling between Iran, Central Asia and India.
“Every region has its own charm, and every region has its own skills, but Sindh does have an exceptionally rich tradition,” he said, emphasizing the importance of preserving Pakistan’s cultural heritage. 
“It is very important to preserve the culture and heritage of the country, any country, but even more so in Pakistan where there has been a lot of degradation of its historical roots.”
Askari wishes for The Haveli to not only showcase the beauty of Sindhi textiles, but also help generate income for the women who create these handicrafts. 
“I believe that we need to promote their crafts so that the women who make them can have a source of income when they create them,” she added.


Pakistan raises petrol price by Rs1 per liter for next fortnight

Updated 01 February 2025
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Pakistan raises petrol price by Rs1 per liter for next fortnight

  • Pakistan’s Finance Division announces Rs7 per liter hike in price of high-speed diesel
  • Fuel price increases push consumer prices higher across sectors, fueling resentment

ISLAMABAD: Pakistan’s Finance Division announced this week it had increased the prices of petrol by Rs1 per liter and high-speed diesel by Rs7 per liter for the next fortnight, saying the decision was taken due to fluctuations in the international oil market.

This is the second consecutive hike in prices of petroleum products by the government as Pakistan increased the per-liter rates of petrol and diesel by Rs3.47 and Rs2.61 on Jan. 15. 

The new price of petrol will be Rs257.13 per liter while that of high-speed diesel will be Rs267.95 per liter, a notification by the Finance Division said on Friday. 

“The Oil & Gas Regulatory Authority (0GRA) has reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market,” the notification said. 

Fuel prices in Pakistan are reviewed and adjusted fortnightly, based on fluctuations in international energy markets and the rupee-dollar exchange rate.

The mechanism ensures that the net impact of changes in import costs is passed on to consumers, helping to sustain the country’s fuel supply chain.

Fuel price increases typically push consumer prices higher across sectors, causing economic strain and fueling popular resentment among the masses.


Visit by American investors delegation to improve Pakistan-US ties— finance official

Updated 01 February 2025
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Visit by American investors delegation to improve Pakistan-US ties— finance official

  • US businessman Gentry Beach led delegation of American investors to Pakistan this week to explore investment in key sectors
  • International investors are seeing structural economic reforms in Pakistan, says Finance Minister’s Adviser Khurram Schehzad

ISLAMABAD: The visit by a high-level delegation of investors led by American businessperson to Pakistan this week will further improve ties between Washington and Islamabad, Adviser to Finance Minister Khurram Schehzad said this week, noting that its interest in the country’s key economic sectors has “great importance” for Pakistan. 

 A US business delegation led by Texas hedge fund manager Gentry Beach arrived in Pakistan for a two-day visit on Tuesday to explore business opportunities, particularly in sectors like mining and minerals, renewable energy, infrastructure development and technology.

Gentry held meetings with top Pakistani officials during his stay in Islamabad, saying that US could bring in technology to boost Pakistan’s oil and gas and other sectors, and that both countries can immensely benefit from improved ties. 

“Talking to a private TV channel, he [Schehzad] said that Pakistan and US trade relations have significant value, as Pakistan’s trade to US market is surplus,” the Finance Division said in a statement on Friday. 

“He said this US investors delegation visit to Pakistan will further improve ties between the two countries.”

Schehzad said the American delegation expressing interest in Pakistan’s key sectors including mining and minerals, renewable energy, infrastructure development and technology “has great importance for Pakistan.”

“Pakistan is in dire need of investment, and Pakistan has less investment to GDP ratio which we can raise 5-8 percent,” he said. 

Schehzad pointed out that Pakistan’s economic indicators were projecting a positive look, adding that interest rates and inflation had declined while the country’s currency had stabilized, and its foreign reserves had increased. 

“He said that investors are seeing structural reforms in Pakistan, adding that US investors delegation timely came in Pakistan, as smart and sharp investors go where they see changes so that they could get better return,” the Finance Division said. 

The American delegation’s visit this week came as cash-strapped Pakistan, desperate to escape a prolonged macroeconomic crisis, seeks investments from regional and other foreign allies to shore up its $350 billion economy. 

Pakistan in 2023 nearly defaulted on the payment of foreign debts when the International Monetary Fund rescued it by agreeing to a $3 billion bailout to Pakistan. 

Last year, Islamabad secured a new $7 billion loan deal from the IMF. Since then, the country’s economy has started improving with weekly inflation coming down from 27 percent in 2023 to 1.8 percent earlier this month. 

Ties between Islamabad and Washington, once close allies during the Cold War era and after the September 11, 2001 attacks, have remained strained in recent years. 

American officials suspected Pakistan supported the Afghan Taliban in regaining Kabul in August 2021 after 20 years of war, straining ties with Islamabad. Pakistan denies the allegations strongly.


Saudi Arabia one of top global destinations favored by Pakistanis— travel app

Updated 01 February 2025
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Saudi Arabia one of top global destinations favored by Pakistanis— travel app

  • Kingdom one of top global destinations preferred by Pakistani travelers with 100 percent year-on-year growth, says travel app Wego
  • Thousands of Pakistanis travel to the Kingdom every year for religious tourism and to live and work in the country

KARACHI: Saudi Arabia remains one of the top international destinations preferred by Pakistani travelers with a 100 percent year-on-year growth observed, prominent travel mobile application Wego said this week, amid the Kingdom’s ambitious plans to boost its tourism potential in line with its Vision 2030 program. 

Saudi Arabia, home to Islam’s two holiest cities Makkah and Madinah, holds immense significance for millions of Muslims around the world, including Pakistanis. Thousands of Pakistanis travel to the Kingdom every year for religious tourism and to live and work in the Kingdom. 

Saudi Arabia’s tourism industry is growing at a rapid rate with the creation of mega-projects such as NEOM, a futuristic city on the Red Sea, and The Red Sea Project, which focuses on luxury and eco-tourism, expected to redefine global tourism standards.

Wego, which describes itself as a top travel app and the largest online travel marketplace in the Middle East and North Africa (MENA), announced the expansion of its Online Travel Agency (OTA) platform with its latest ‘Book on Wego’ function on Friday. 

“Domestic flight searches on Wego have risen by over 120 percent year-on-year, and Saudi Arabia continues to be one of the top international destinations favored by Pakistani travelers with over 100 percent YoY growth,” Dean Wicks, Wego’s chief flights officer, was quoted as saying by the platform’s public relations agency, Focus. 

The platform said that with its latest ‘Book on Wego’ function, travelers can book flights and hotels directly across all Wego apps, websites and platforms, eliminating the need for third-party redirects. 

“This enhancement delivers a seamless, localized booking experience tailored to the needs of Pakistani travelers,” the app said. 

“Wego’s commitment to Pakistan’s fast-growing travel industry ensures greater flexibility and choice, reinforcing its dedication to serving the local market.”

Wego announced it would also take part in the 2025 edition of the Pakistan Travel Mart (PTM), Pakistan’s pioneering & largest travel and tourism event, connecting regional and global stakeholders. 

“PTM 2025 provides the perfect platform for us to engage with the local travel community and drive the growth of Pakistan’s tourism sector,” Ubaidullah Sarwar, director Wego Pakistan, said. 

Saudi Arabia is also home to over two million Pakistani nationals, serving as the largest source of foreign workers’ remittances for the South Asian country.


Pakistan Business Council officials meet Islamabad’s envoy in UAE in bid to enhance bilateral B2B ties

Updated 01 February 2025
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Pakistan Business Council officials meet Islamabad’s envoy in UAE in bid to enhance bilateral B2B ties

  • The United Arab Emirates is Pakistan’s third-largest trading partner after China and US, and a major source of foreign investment
  • The PBC assists Pakistan-related companies and professionals in the UAE through business networking and exchange of information

Islamabad: A delegation of the Pakistan Business Council (PBC) Dubai on Friday held a meeting with Pakistan’s Ambassador to the United Arab Emirates (UAE) Faisal Niaz Tirmizi and shared their plans to enhance business to business (B2B) ties between the two countries, the Pakistani embassy said.
The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment valued at over $10 billion in the last 20 years, according to the UAE foreign ministry.
It is also home to more than a million Pakistani expatriates. Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
The PBC delegation, which comprised its newly elected Board of Directors and was led by Shabbir Merchant, met Ambassador Tirmizi at the Embassy of Pakistan in Abu Dhabi.
“The delegation of Pakistan Business Council presented their vision and strategy in enhancing the business-to-business relationship between Pakistan and the UAE,” the Pakistani embassy said in a statement. “They also sought embassy’s support in materializing their vision.”
The PBC assists Pakistan-related companies and professionals in establishing businesses or working in the UAE through business networking and connections, and information exchange.
The Pakistani ambassador assured the delegates of the embassy’s support in strengthening economic and trade relations between Pakistan and the UAE, according to the Pakistani embassy.
This week, Pakistan’s consul general, Hussain Muhammad, met the PBC officials in Dubai, where Merchant shared with him the council’s strategic roadmap for 2025-2026.
Muhammad appreciated PBC’s efforts in promoting Pakistan’s economic potential in the UAE and stressed the need for business leaders to explore opportunities in Pakistan’s diverse sectors, including information technology, manufacturing, agriculture and tourism.
Pakistan and UAE have stepped up efforts in recent years to strengthen their business and investment relations. In January last year, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure, a Pakistani official said, amid Pakistani caretaker prime minister Anwaar-ul-Haq Kakar’s visit to Davos for the World Economic Forum’s summit.