KARACHI (Dunya News) – Sindh High Court Chief Justice Muhammad Junaid Ghaffar has said that amendments in several laws are inevitable to properly deal with cases related to virtual assets and cryptocurrencies.
Speaking at a conference on digital and virtual assets held at the Sindh Judicial Academy, the chief justice stressed that the issue of digital assets needs urgent attention.
He pointed out that cryptocurrency and virtual assets are still a new ballgame for many, while the FIA has already registered several cases linked to online businesses. “Courts often face cases involving hidden assets or funds transferred illegally,” he noted.
Justice Ghaffar underlined that judges need further training on the subject. He added that despite legislation on crypto and blockchain, the government itself still has reservations.
“The State Bank had imposed a ban on digital currency and crypto, and the government has yet to lift this ban due to concerns,” he pointed out.
According to him, the Finance Minister has stated that only around 15 percent of people in Pakistan use crypto exchanges, while there is also a risk of Pakistan being pushed back onto the grey list over crypto-related issues. “That is why the government is moving forward with extra caution,” he added.
The Chief Justice made it clear that progress cannot be made until the State Bank takes a final call on the ban. He also mentioned that the Sindh High Court cannot go into public-private partnerships due to legal hurdles, though efforts are underway to gradually digitize court records.
Regarding the ordinance on crypto, Justice Ghaffar said the role of courts and tribunals has not been made clear. “Under the ordinance, any tribunal may be given authority to hear such cases until a dedicated tribunal is set up,” he explained.
Wrapping up his remarks, he said many laws will need to be amended before courts can properly hear cases involving virtual assets and crypto. “Courts don’t make laws; they only interpret them,” the Chief Justice concluded.