The Federal Investigation Agency (FIA) has contacted Pakistan Telecommunication Authority (PTA) to block access to more than 1,600 cryptocurrency trading websites in Pakistan. The development has been confirmed by FIA Director Operations of the Cyber Crime Wing (CCW) in Lahore, Babar Bakht, who said that cryptocurrency is being used for money laundering.
Bakht has revealed that a list of people involved in cryptocurrency trading is being prepared and these individuals will be arrested since trade of digital assets is banned in Pakistan. “These people are on the agency’s radar and soon action will be taken against them.” he added. Therefore, FIA has contacted PTA to block 1,600 cryptocurrency websites in Pakistan
The development comes just days after the State Bank of Pakistan (SBP) and the Federal Government decided to ban use of cryptocurrencies in Pakistan. Furthermore, a report was submitted to the Sindh High Court (SBP) in this regard during a hearing pertaining to the use of digital currencies in the country.
Read more: Pakistan Considering Ban on Cryptocurrencies.
Meanwhile, the Minister for Science and Technology Shibli Faraz on Wednesday said that Pakistan Tehreek-e-Insaf (PTI) led Federal Government intends to regularize cryptocurrency in Pakistan. He made the statement while addressing the first Pakistan Blockchain Summit 2022 held in Islamabad.
He added that State Bank of Pakistan (SBP), Securities and Exchange Commission and Finance Division are already working on the plan since blockchain is expected to become a 20-billion market by 2024 and about 200 countries have somehow incorporated it into their systems.