The Pakistan Telecommunications Authority has been asked to ban more than 1,600 crypto websites by the Federal Investigation Agency (FIA). The action follows a recommendation for a complete crypto ban by the central bank, the State Bank of Pakistan (SBP). Meanwhile, the country’s science minister has said the government intends to “regularize” crypto in the country.
Pakistan’s FIA Takes Action Against Crypto Websites, Supporting Central Bank’s Crypto Ban Recommendation
The Federal Investigation Agency (FIA) of Pakistan has written to the Pakistan Telecommunications Authority (PTA) asking the telecommunications regulator to block access to more than 1,600 crypto trading websites, reported Samaa TV on Tuesday, citing FIA director Babur Bakht Qureshi.
The director first revealed plans to approach the Telecommunications Authority to block some crypto websites last week. He claims that cryptocurrency is used for money laundering.
Additionally, “Qureshi disclosed that a list of individuals involved in cryptocurrency trading is being prepared,” the post reads. He added that “these people will be arrested” when cryptocurrency is banned in Pakistan.
Furthermore, Qureshi said action will be taken against people who promote cryptocurrencies in Pakistan. “These people are on the agency’s radar and soon action will be taken against them,” the director said.
A growing number of countries are cracking down on crypto ads, including the UK, Singapore, and India.
Pakistan is still weighing what to do with crypto
The government of Pakistan is currently assessing whether to ban or regulate cryptocurrency.
Pakistan’s Science and Technology Minister Shibli Faraz said at the country’s first blockchain summit held in conjunction with his ministry on Monday that the government intends to “regularize” cryptocurrency in the country. . He said the Ministry of Finance, the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan are already working on a plan.
However, the State Bank of Pakistan (SBP) has already made its decision to ban cryptocurrencies completely. Last week, the central bank submitted a report to the Sindh High Court recommending a comprehensive crypto ban.
The Sindh High Court then ordered the Ministries of Justice and Finance to assess the SBP’s recommendations and decide whether to ban cryptography or allow certain related activities in the country. The court asked the two ministries to submit their joint report in April.
Do you think the Pakistan Telecom Authority will block 1,600 crypto websites as requested by the FIA? Let us know in the comments section below.
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