The Federal Investigation Agency (FIA) has requested that the Pakistan Telecommunication Authority (PTA) disable access to over 1,600 bitcoin trading websites in Pakistan. Babar Bakht, FIA Director Operations of the Cyber Crime Wing (CCW) in Lahore, acknowledged the development, saying that bitcoin is being used for money laundering.
Bakht has claimed that a list of those involved in cryptocurrency trading is being compiled, and that these individuals would be detained because the transfer of digital assets is illegal in Pakistan. “These persons are on the agency’s radar, and action will be done against them shortly,” he continued. As a result, the FIA has requested that 1,600 cryptocurrency websites in Pakistan be blocked.
The move comes only days after the State Bank of Pakistan (SBP) and the Federal Government of Pakistan agreed to prohibit the usage of cryptocurrencies in Pakistan. Furthermore, during a hearing on the usage of digital currencies in the nation, the Sindh High Court (SBP) received a report in this respect.
Meanwhile, Shibli Faraz, Minister of Science and Technology, stated on Wednesday that the Pakistan Tehreek-e-Insaf (PTI)-led Federal Government aims to legalise cryptocurrencies in Pakistan. He made the remarks while speaking at the inaugural Pakistan Blockchain Summit 2022, which was hosted in Islamabad.
He stated that the State Bank of Pakistan (SBP), Securities and Exchange Commission, and Finance Division are already working on the plan, since blockchain is predicted to be a $20 billion business by 2024, with over 200 nations incorporating it into their systems.