Skip to main content

Pakistan Seeks to Block Websites Dealing in Cryptocurrency: Report

Pakistan’s Federal Investigation Agency (FIA) is reportedly seeking to block websites dealing in cryptocurrency. The decision followed a meeting the agency had with the State Bank of Pakistan (SBP) which recently recommended a complete ban on crypto.

Pakistan’s FIA Reportedly Seeks to Block Cryptocurrency Websites

Pakistan’s Federal Investigation Agency (FIA) is seeking to block websites dealing in cryptocurrency, Dawn newspaper reported Sunday. The FIA is “a border control, criminal investigation, counter-intelligence, and security agency under the control of the Interior Secretary of Pakistan,” according to the Pakistani government website.

FIA Director-General Dr. Sanaullah Abbasi told the press Saturday that his agency will approach the Pakistan Telecommunication Authority (PTA) to block crypto websites to prevent fraud and money laundering.

His statement followed a meeting he had with senior officials of the State Bank of Pakistan (SBP), the country’s central bank. The FIA chief said:

The SBP officials gave a presentation in the meeting about a regulating mechanism.

During the meeting, the SBP officials noted that the central bank recently submitted recommendations under the direction of the Sindh High Court on the legal framework for cryptocurrencies in Pakistan. The State Bank has recommended a complete ban on cryptocurrency.

Emphasizing that his department is mainly concerned about fraud and money laundering, the FIA director-general opined:

Crypto has given a new dimension to fraud.

The FIA chief proceeded to discuss existing Pakistani laws: the Prevention of Electronic Crimes Act 2016; the Foreign Exchange Remittance Act 1947 (FERA); and the Anti-Money Laundering Act 2010 (AMLA). He stressed that they do not contain provisions for the illegal and misuse of cryptocurrencies.

In addition, the meeting with the SBP officials highlighted that Pakistan has “no regulatory framework for virtual asset service providers (VASPs) in order to comply with the FATF [Financial Action Task Force] requirements,” the publication conveyed.

Abbasi added that the FIA recently initiated a probe into a massive financial scam after 11 apps linked to cryptocurrency exchange Binance stopped working. The scheme allegedly defrauded Pakistani investors of over $100 million.

What do you think about the Pakistani FIA seeking to block cryptocurrency websites? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3FzAz07
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more