Pakistan Telecommunication Authority hints at blocking 1600 cryptocurrency websites
Federal Investigation Authority has written to the PTA in order to block access to more than 1,600 cryptocurrency trading websites operating in Pakistan. Samaa quotes an official from the FIA as, “The cryptocurrency trading websites will likely be blocked in Pakistan.” On the other hand, the Science and Technology minister, Shibli Faraz, stated that Pakistan is planning to adopt blockchain technology in the country.
In a bid to prevent fraud and money laundering, FIA’s Director-General Dr Sanaullah had directed the PTA for blocking websites dealing in cryptocurrencies. Subsequently, the DG is quoted by Dawn as, “The virtual currency has given a new dimension to fraud in the country.” The Director of Federal Investigation Agency, Babar Bakht Qureshi, is quoted by Samaa, “A list of individuals involved in the trade of cryptocurrency is being prepared. These people will be arrested since cryptocurrency trade is banned in Pakistan.”
It is pertinent to mention that on January 16, Shibli Faraz in his address to the blockchain summit, said that the SBP and ECP are working to regulate crypto in Pakistan. He also said, “Blockchain can help banks save Rs 8billion to Rs10 billion annually. It will also make elections transparent.”