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. Tags in this story blocking cryptocurrency websites, Central Bank, Crypto regulation, pakistan, Pakistan blocking websites, Pakistan cryptocurrency regulation, Pakistani cryptocurrency regulation, SBP, State Bank of Pakistan
What do you think about the Pakistani FIA seeking to block cryptocurrency websites? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. MTI Mastermind Arrest: Lawyer Points to Agreement Relating to Johann Steynberg"s Extradition to South Africa REGULATION | 17 hours ago Head of Investigative Committee Calls for Mandatory Identification of Cryptocurrency Users in Russia REGULATION | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAriva Wonderland to Revolutionise Tourism Thanks to the Metaverse, Crypto and VR Next article$2.5 Billion in NFT Sales This Week, Volume Climbs 161%, Meebits NFT Sales Surge Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRussia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition
The Russian neobank Tinkoff is joining the world of cryptocurrencies with the purchase of a stake in Aximetria, a Swiss-registered and licensed company which provides clients around the world with services and solutions for digital financial assets. Tinkoff Bank Buys ... read more.Revolut Launches Banking Services in Spain Featuring Deposit Insurance NYCB and Group of Banks Join to Launch USDF Stablecoin Swiss National Bank Trials CBDC in Transactions With Five Banks British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated