Pakistan tries to block websites that act with cryptocurrency: report -

The Pakistani Federal Investigation Agency (FIA) reports reportedly to block websites that deal with cryptocurrency. The decision followed a meeting of the agency with the State Bank of Pakistan (SBP), which recently recommended a complete ban on crypto.

The Pakistani Federal Investigation Agency (FIA) tries to block websites that deal with cryptocurrency, the newspaper Dawn reported on Sunday. According to the website of the Pakistani government, the FIA ​​is "an agency for border control, criminal investigations, espionage defense and security services under the control of the Pakistani Minister of the Interior".

FIA general director Dr. Sanaullah Abbasi informed the press on Saturday that his agency would contact the Pakistan Telecommunication Authority (PTA) to block crypto websites to prevent fraud and money laundering.

His explanation followed a meeting with high -ranking officials from the State Bank of Pakistan (SBP), the central bank of the country. The FIA ​​chief said:

The SBP officials held a presentation about a regulatory mechanism at the meeting.

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

The FIA ​​General Director emphasized that his department mainly deals with fraud and money laundering, and said:

crypto has given the fraud a new dimension.

The FIA ​​boss continued to discuss existing Pakistani laws: the law to prevent electronic crimes from 2016; The Foreign Exchange Remittance Act 1947 (FERA); And the 2010 Money Laundering Act (GWG). He emphasized that they contain no provisions for the illegal and abusive use of cryptocurrencies.

In addition, the meeting with the SBP officials emphasized that Pakistan "has no regulatory framework for providers of services for virtual assets (VASPs) to comply with the FATF [Financial Action Task Force], according to publication.

said

Abbasi added that the FIA ​​recently initiated an investigation into a test massive" Financial fraud after 11 apps that were linked to the cryptocurrency exchange Binance no longer worked. The system is said to have cheated Pakistani investors by over $ 100 million.

What do you think of the Pakistani FIA that tries to block cryptocurrency websites? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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