Federal Investigation Agency (FIA) has recommended the government of Pakistan to declare Bitcoin / digital currencies illegal in Pakistan.
FIA further recommended the government to include definition and distinct punishment of this emerging crime in the prevention of electronic crimes act (PECA).
“Bitcoin / digital currency is not recognized by State Bank of Pakistan as legitimate business and are causing huge monetary loss to the government exchequer. So it should be declared illegal with the inclusion of definition and distinct punishment of this emerging crime”, official documents revealed.
It maybe recalled that there’s no law in place in Pakistan to deal with Bitcoins. While SBP terms the digital currencies illegal, there is no law in place to deal with cases relating to Bitcoins or any other digital currencies.
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FIA made these recommendations — and several other amendments — to improve prevention of electronic crimes act (PECA)-2016.
FIA said that offences under PECA-2016 — other than cyber terrorism [Section.10], offence against modesty of natural person [Section.21] and child pornography [Section.22] — are non-cognizable, bailable and compoundable.
It is worthwhile to mention here that the following serious offences which fall under PECA-2016 are non-cognizable i.e. Law Enforcement Agencies are authorized to initiate the investigation or arrest the accused without the prior permission of the Magistrate.
- Unauthorized Access /modification / deletion / interference to Critical Infrastructure Information Systems/ Data Section 6, 7, 8]
- Electronic Forgery [Section.13]
- Electronic Fraud [Section.14]
- Unauthorized Issuance of SIM [Section.17]
- Tampering of electronic equipment’s [Section. 18]
- Cyber Stalking [Section.24]
- Spoofing [Section.26]
The non-cognizable nature of these critical offences which pertains to the cyber security of the country is impeding the effective investigation and successful prosecution, maintained FIA.
The investigation of these time-critical crimes demands an immediate response by the law enforcement agency to limit and contain the damage caused by offenders. On-time response by the law enforcement agency may improve the detection and apprehension of the accused and also improve evidence collection for successful prosecution.
Furthermore, these major offences are bailable which adversely affects the arrest of accused as bail is granted on first physical remand.
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These serious offences are compoundable, which means that at any stage an aggrieved person can enter into a compromise with the accused. Investigation in Cyber Crimes is an expensive process, and after setting the state machinery into motion, entering to compromise at any stage would result in wastage of state resources. A provision to receive cost for that from both the parties seems feasible and in interest of justice.
Official Documents, available with ProPakistani, revealed that the PC-I for Phase-III of NR3C has been prepared and sent for approval.
The new Phase-Ill include the recruitment of new technical and ministerial staff, establishment of 09 new Cyber Crime Police Stations and Digital Forensic Laboratories in Abbottabad, D.I Khan, Gujranwala, Faisalabad, Multan, Gawadar, Hyderabad, Sukkur, Gilgit-Baltistan, technical up-gradation of Six (06) existing NR3C Digital Forensic Laboratories and advanced training of technical officers, Judicial officers, Public Prosecutors and investigation officers.
Any source of this article or proof of this act or is it just to create FUD?
Sir yeh abhi act nahi bana, abhi recommend hoi hay yeh cheez sirf
to sir apki iss info ka source kya hai? Kya aap bata sakty hain k apko kis zaraye se pata chala is k barey mein?
In ko bhi Shahid Masood ki tarah ilham hua hai
Lgta h dil pr lgi h koi bat apkay Dr sahib ki.
Official Documents, available with ProPakistani, revealed that the PC-I for Phase-III of NR3C has been prepared and sent for approval.
ھم پر افغانستان منتقل ہوجاتے ہیں
yehi thk han hahah
you guys why did’t posted document scan in the post ?
@ aamir: Propk is a nice platform but it should not spread FUD and put the under consultation and under discussion stories as bold/highlighted on the main page. Once you get something in your hand or officially announced, thats another story.
Stupid buhat hai hamary mulk mai. Pahly paypal ko allow nahi karty ab crypto pay b ban laga dain ??????????♥️
Inho ney apnay jibain toh bahrni hian.. Gareeeb awam ka faidah kahan honey deytay hian yeh chor lotaray?
ان سے زیادہ ویژن تو زرداری کا ہے یار قسم سے اس قدر چوول واقع ہوئے ہیں یہ توبہ ہے
for bitcoin mining you need a pc worth more than 1 lac rs + electricity bills + telephone so please stop this bullshit about gareeb awam .
Bitcoin mining is a luxury and since it is falling down
good writtens
bit coin mining rig costs around 3-4lacs…
What the heck man? Who told you to mine them. Just purchase them and spend like regular currency.
Only Bitcoin out of 1500 cryptocurrencies ? If they stop then we won’t be able to build any model/smart contracts on blockchain platform. Khuda key leye insey kahay key aik dafa Satoshi ka paper perh lain yaa mujh sey mulaqaat kerlain :)
I have participated many shows (on tv channels) honestly kisi ko yeah tech samajh hi nahe aati … its so complicated that even we Pakistanis (majorities techy persons) are failed to understand it
How can i contact you or can you provide some resources for learning purpose?
ان سمجھداروں کو جو آگئی ہے اسلئے بین کر رہے ہیں بین چ### :D
U would be very nice and same would be Satoshi …butt..people are not.. It has become a source of Gambling, money laundering and tax avasion…being used in online black market and high level.of risk is attached due to volatile nature of pricing ( just chk last 1 week) block chain and it’s practical implications are over hyped and there is a long debate over its useabelity. Electricity consumption is a major issue and look at china’s concert . compare visa vs BTC transactions cost and effrciency .. Every thing is worst then what is the purpose to sink the people’s money in the hands of few ppl..the security is a major issue. Chk last month japanies exchange hack. Remember Mt. goag hack and major incidents relating to security. Just illegality in crypto currency and less benefits…sorry but true
You seem a stupid techie either working in a bank mafia or missed the boat. All your allegations are just a FUD to the crypto community. MTG issue or Bitfinex teether, or Japanese Coin check hack Keep all aside.. what happend to your dear bank ATMs in Khi when scammer chinese were caught…. so thats not secure too…Come to money laundering, how much money is being laundered via Crypto and did you halal politician (10% and Noon) used all crypto from last 20 years,… come to gambling, check how much crypto is used in that ? nothing as block chain tech is now being implemented in it and it will make gambling industry more fair (by using fate channels – hope you know it :-)) com’on and face the fact. Crypto is going to be the giant leap in the fintech world and the trolls like you will be the early adopter once lightening network is in place to solve the latency issue in the BTC transaction and higher fee. You seem to somewhat a paid troll which is either backing govt. stance or Bank mafia here without any sound footing and solid know-how of Blockchain tech. Block chain is used now from a variety of daily life support systems not only Bitcoin. Go first read it or google/wiki it & then comment on some forum!
First of all..Lol…about ur assumptions and grand selute to ur love with crypto guys..ask have no interest in any ones intrests like u suppose MAFIA (OMG…blockchain was created for some other purposes but being used for others… And u r the only genius.else world economists and authorities are fool..u asked about bank scammers but can u tell the same claim process for crypto currency scammers like banks have to offer due to authoritative restrictions to satisfy customers…(by the way, no matter u can’t explain issues I raised, u would keep loving ur crypto currency trading. So keep on until u get some thing ;)
“(OMG…blockchain was created for some other purposes but being used for others… And u r the only genius.else world economists and authorities are fool..u asked about bank scammers but can u tell the same claim process for crypto currency scammers like banks have to offer due to authoritative restrictions to satisfy customers…”
what exactly are you trying to say ? do you even know what blockchain technology is ? and why it was created ? from your question i conclude that you dont know the actual origin of blockchain technology. you only read third grade articles without any credibility.
“crypto currency scammers like banks have to offer due to authoritative restrictions to satisfy customers…”
what exactly do you mean from this statement, i’m unable to understand your question because unlike banks cryptocurrencies are decentralized. They are not controlled by any individual or an entity. If you are up for some serious debate you should know you lack a lot of knowledge here. Do some research before posting randomly to a forum criticising without any actual proof or claim.
Few pointe in shorts ..
Crypt I currencies are very volatile in nature and people are just trading it as commodity to get ROI now a days whereas it was stable and was being used for funds transfer etc to avoid high charges of traditional funds transfer e.g. wire transfer or credit cards.
Banks and other financial institutions can be declared responsible in case of scam / fraud etc as being controlled by authorities whereas no one is responsible in blockchain and chances of risk are higher.
Viruses and other hacking tools e.g. illegal mining is common now due to high values of these currencies posing a serious security risk
Most of black market and illegal activities are using crypto currencies to avoid tracking and making it easy to do illegal business or money laundering.
Blockchain systems are using lots of energy for mining and posing a serious threat to global atmosphere as well .
First clear these points then should look further.
To wanna be English boys out there. Read this msg carefully. Blockchain was created by Bitcoin. Not only for bitcoin but for other purposes. Cryptocurrencies are merely one possibility. Motive of blockchain was ,,to share the source of trust between users” Stop reading bank articles and google ,,what is blockchain”. People who don’t want to accept this fact that the advantages Block chain giving us i think either they are banker, auditor, accountant or illiterate and blockchain eliminate all of these things.
bhai kis ky mon lag rhe ho choro inko in bankers ka hal bekharion wala honay wla hai. cryto ko usa nhe rok sakta ye chuchy rokain gy rok lo bhai rok lo. ik hi hal hai is tech ko samjo aur us say faieda lo.
+923124261660 text me with your name and can you share your number, I would like to discus this with you in detail
I would like to understand
Why only Bitcoin why not other coins as well?Waqar zaka is also running crypto coin ban his coin also.
Oho! Ab eth trade krna pry ga :’(
Making it illegal will not solve the problem. It will give more monetary losses to Pakistan as people will liquid outside pakistan. .
Read carefully: They are talking about Crypto in general (Federal Investigation Agency (FIA) has recommended the government of Pakistan to declare Bitcoin / digital currencies illegal in Pakistan.)
It is totally B.S and an ignorant move by so called FIA and bank mafia in pakistan. This is the best and sound tech and incoming time will be with it. IMHO this is will greatly shift capital/liquidity outside Pk and people will still play with crypto but capital will fly outside. Instead banning pk should legitimize and regulate it like US announcement today.
Japan Jesi No 1 Economy Bitcoin ko accept kar chuki hai aur humare metric fail syastandan aur wo blogger jo gandi news laga kar paisa kamate hain aur jin ko bitcoin ki abcd ka bhi nahe pata wo bhi articles likh kar ban ban ka shoor macha rahe hain…
tabhi wahan pr bitcoin ki 55000000000 $ ki chori howi hai or japan ki government isko pay karegi :D
Chori kahan nahi ho sakti? even k banks mai sub se ziada chori hoti hai, is ka ye matlab nahi k hm banks ko permanently close kar dain? impossible!!
Crypto ka issue ye hai k ye user to user deal hoti hai aur state ka role nahi hota jis ki waja se money laundering aur other crimes mai ye currency as a financial source act ho sakt hai. Lakin ye cheez b regulate ho sakti hai jis tarah south korean govt rule bana rhi k crypto debit/credit card pe purchase ya sale ho gi aur banks hr coin ka previous history rakhain gay aur govt ko provide karain gay. Hamari Govt ban se pehlay aik dafa is tarah regulate karnay ki try to karay….
Haroon bhai ka ye kehna bilkul sahi hai “If they stop then we won’t be able to build any model/smart contracts on blockchain platform”
tum khud si baat ko agree krte ho ke crypto se money laundering ho sakhti hai or hoti bhi hai or jahan tak debit / credit card ki baat hai to mujhe lagta hai aap shayad pakistan mai new aae ho bcz ap ko yeh nhi pata jo crypto mai khele ga wo kabhi bhi crypto ko as a white money declear nhi karega. aik or baat yeh rule pakistan ne banae howe hai crypto ko agar buy krna hai to wahan se buy karein jo govt mai regester hai jo user to user nhi milati balke wo khud buy or sell krti hai like localbitcoin ki transaction illegal hai because wo user to user hai ab user ke pass bitcoin money laundering se aya or us ne aap ko sell kia to aap bhi money laundering mai shamil ho.
Isi liye hr country mai think tanks hain jo in ko study kar k aik safe policy banatay hain.
Mera maqsad sirf ye hai k jis tarah future k aspect se south korean govt aik policy bana rahi hai kia hamari govt policy nahi bana sakti? Crypto currency k use k hawalay se jo b problems hon lakin is ko policy makers currency ka future keh rahay hain. So ab hm kia kar saktay hain? Kia ban karna “all problems solved” hai?
or jahan tak bank ki baat hai to shayad aap ko pata nhi hai bank mai linux servers use hote hai or sari banking centralize ho gai hai. pehle sare system windows based the or sare ke sare remote connectivity pr access hote the pr aab yeh nhi hai or remote connection ke lye authentication leni hogi
Mai tech guy nahi hon so kia ap se yw question poch sakta hn k kia authentication 100% safe hoti hai aur kia kabi b is process mai kahin fraud nahi hoi.? Just tell me for my knowledge.
Bro aap mujhe contact number de dein mai aap se detail mai baat krta ho.
banks responsible hain bank deposit k bad thats their responsibility banks own to karte hain crypto ko kon c authority own karti hai koi nahin bhai sahab
Bitcoin miners will move to middle east as most of them are moving even before this news.
Biggest exchange moved from china to japan, because china banned crypto.
People will leave you for crypto. Mind it
There is one thing famous for Pakistani bureaucracy. If you could not do something good in 70 years, do something very bad, at-least you would be known for the bad stuff. All you know is how to eat Roti and Salan with knife and fork, and that’s what they teach you while your training. We don’t expect anything good from you, so we don’t bother at all. Peace.
what ?? so you wannna see me going bankrupt?? probably another FUD. i don’t see it getting implemented any soon.
آپ کو بھاڑ میں
تمہاری ماں بھاڑ میں جاؤ
Bitcoin: Mainu FIA da lagya hai rog, mere bachnai di naiyu umeed
great so i lost millions if this is implemented then i will file a petition
And what about starts ups that are incubated By Govt and PITB. Fact remains regardless of what pen pushers have to say “Block chain is a way forward”. BTCPK monitors and maintains database of 2045 different coins and their prices in Pakistan.
We believe such law if ever made will stop the future technologies including blockchain from entering Pakistani market. Some of the segments to be affected will be p2p transfers spectrum, electronic wallets and crowd funding etc . This will also have high impact on investors and will create more chaos and panic in public.
Our Recommendation : “Regulate It ” – Yes it can be done (Japanese, South Koreans, Malaysian , Arabs even Nigerians have done it. ) , How ever it is harder than writing a paragraph of recommendation to ban it . *wink*
One thing our Govt. knows is to ban all the f****g things and cut us off completely from the world and make us miserable.
It’s a best f****g opportunity to enter into new digital era and lead the world. But they are stupid as f**k. When everyone would adopt it and crypto market would get saturated then Shahbaz Shareef will launch his yellow crypto currency scheme.
I can’t find any suitable abuse to dedicate to them.
cryptocurrency ko us,uk european bhi nahi rok sake to hum kis khet ki mooli hai.
han humko is par qanoon banay ki zaroorat hay.
jissay mamray mulk ko mashi toor par nuksan na ho.
Watch the words from bobby lee , the brother of charlie lee.
Ain Logoon Ko Bass Logoon ke Pase Pasee Hoo Who Buree Lagte haan Sab Apne Laye Hi Use Karna Chate haan Ye useless People.
hahah….
amir br0 baki OneCoin uska kiya hua…./
bitcoin k elawa j0 k0i b easy earning krna chahta hy wo mujhe call kare par ye yad rakhna investment se earning hogi free me nh.
agar samjh ai to call karen main samjha dunga agey friends apki marzi.
Cell #: +923337077185