Federal Investigation Agency has requested that the Pakistan Telecommunication Authority ban over 1,600 cryptocurrency sites. This was in response to a recommendation from the State Bank of Pakistan (SBP) for a total ban on crypto websites. Meanwhile, the country’s science minister said that the government intends to “regularize” crypto in the country.
Pakistan’s FIA Taking Action Against Crypto Websites, Backing Central Bank’s Crypto Ban Recommendation
Pakistan’s Federal Investigation Agency (FIA) has written to the Pakistan Telecommunication Authority (PTA) requesting the telecom regulator to block access to more than 1,600 crypto trading websites, Samaa TV reported Tuesday, citing FIA Director Babur Bakht Qureshi.
Last week, the director announced his intent to contact Telecommunication Authority regarding blocking certain crypto sites. The director claims cryptocurrency is being used to launder money.
In addition, “Qureshi revealed that a list of individuals involved in the trade of cryptocurrency is being prepared,” the publication conveyed. He added that “These people will be arrested” when cryptocurrency is banned in Pakistan.
Qureshi stated, in addition to promoting cryptocurrencies within Pakistan, that he will also take legal action. “These people are on the agency’s radar and soon an action will be taken against them,” the director was quoted as saying.
There are increasing numbers of countries cracking down against crypto advertising, such as the U.K. and Singapore.
Pakistan Still Trying to Decide What To Do with Crypto
Pakistani authorities are currently studying whether cryptocurrency should be banned or regulated.
Pakistan’s minister for science and technology, Shibli Faraz, said Monday at the country’s first blockchain summit hosted in collaboration with his ministry that the government intends to “regularize” cryptocurrency in the country. The minister said that three agencies, including the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan were already working together on the plan.
The State Bank of Pakistan has however already decided to ban all cryptocurrency. The central bank presented a report last week to the Sindh High Court, recommending that crypto be banned completely.
The Sindh High Court subsequently directed the law and finance ministries to evaluate the SBP’s recommendations and decide whether to ban crypto or allow some related activities in the country. In April, the court requested that both ministries submit a joint report.
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