FIA Wants PTA to Block All Cryptocurrency Websites

The Federal Investigation Agency (FIA) has decided to approach the Pakistan Telecommunication Authority (PTA) to get websites dealing in cryptocurrencies in the country explicitly banned and outlawed.

Local reports and sources have confirmed that the federal watchdog is exploring a multitude of regulatory avenues to tighten its hold on the local crypto space, with the aim to prevent online fraud and money laundering through the instrument’s ‘untraceable’ network.

FIA Director-General, Sanaullah Abbasi, recently spoke at a press briefing after meeting a delegation of senior officials from the State Bank of Pakistan (SBP) at the Cyber Crime Circle Office and told reporters about the ongoing progress toward addressing digital/virtual assets.

“Cryptocurrencies have given fraud a new dimension,” he said, and added that the regulator “will approach the Pakistan Telecommunication Authority for blocking websites dealing in cryptocurrencies to prevent fraud and possible money laundering”.

It was highlighted in the meeting that there is no section of the Prevention of Electronic Crimes Act, 2016, the Foreign Exchange Remittance Act, 1947 (FERA), or the Anti-Money Laundering Act 2010 (AMLA) that deals with the illegal use or misuse of cryptocurrencies. There is also no regulatory framework for virtual asset service providers (VASPs) to comply with the FATF regulations.

It was also disclosed that the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) had adopted a ‘prohibited approach’ and had issued warnings to citizens to discourage them from dealing with digital/virtual currencies.

The world of cryptocurrencies has been rocked by a number of regulatory quakes in Pakistan in the last few weeks alone as local authorities appear to be intensifying their crackdown on illicit sources of financing.

The Federal Investigation Agency (FIA) recently initiated a probe against a mega-scam involving 11 Binance-linked applications that fraudsters had used to loot over $100 million (Rs. 17.68 billion) from Pakistani investors. While the exact figure is unknown, unofficial data suggests that over 37,000 people in Faisalabad alone were duped after depositing money in bogus crypto schemes that had promised huge returns.

Officials privy to the matter believe that the legal ambiguity around digital currency trade has made it easier for Pakistanis to fall victim to such financial scams.

      • not true. able to use Binance app even with VPN on. Used it myself multiple times. no issue

        • If Cryptocurrency get ban in Pakistan Thn hOw can We make trades And how Can We save our dollars? If it ban We will lose All our dollars?

          • Not necessarily, there are many ways to make trades but that will not benefit our govt.

            remember the term “HUNDI”, that’s just one way.

  • Cash is untraceable and is used very widely for all sorts of illegal activities. Should we ban cash too?
    The current banking sector in this country is extremely incompetent, especially in the technical department. And i know this because i have seen the inner workings of the software belonging to one of the “good” banks. I would never ever put my money in this bank. And I am very sure the other banks are not much better off.
    Cryptocurrencies are traceable. Every transaction that has ever taken place is recorded. Can we say the same about cash payments?
    This is our last chance before we are left so far behind that the remaining hardworking people who have faith in this country lose that faith.
    Do not blatantly lie to our faces giving excuses to ban a technology that has turned the world upside down and will revolutionize the world in much the same way as the internet.
    If the government wants to regulate then we should build our own blockchain and assign a wallet address to each person which is tied to their cnic. Once that is done we get rid of cash. This way we completely eliminate any chances of fraud.

  • Digital currency is future, each and every transaction has digital record, either cash dont have. Blockchain system is very strong and there is no fraud in transfering / buying / selling digital assets.

    The banking system is much worried because there shops are nearly to close due to crypto. Banking system is totally based on Interest SOOD which is beneficial for there own sector. Peoples are converting there money into digital world and they are afraid. I know very well when internet services was launching so many sectors critice it, but today many jobs, earning, educations are totally based on it.

    One day you will see, this banking sector will create many offer to attract peoples towards crypto but at that time crypto market will be on its peak, so those offers will remain useless. How? For example, 13years ago the World was rejecting Bitcoin but now some countries are thinking to convert there reserves on BTC. The current Bitcoin rate is $42,000. 73lacs Pkr right now.

    I suggest to the authorities, dont block anything in the Country, make your network strong/helpful to avoid corruption or corrupt practices. Crypto just have 2.1T Dollars capital right now, only 4% population of the world is using/ aware. If its approach 75% globally, think where Pakistan will stand at that time.

    My question is that, how will u make transaction by using paper currency on Moon 🌒?

    Future is digitalize think about your upcoming generation but incidently 75years old mind can not make better decisions.

  • Zyada se zyada sites ki domains ips block krenge or kr b kya skte hain. Bc 2-4 vpn block kr k smjte hain bra teer mar lia. 🤣 80% vpn still work after they made efforts to restrict access. Pta waly jo mrzi kr len kuch ni ukhad skte. Jinu ne sites open krni hain wo kr hi lenge.

  • abbaayy yeh kon c dunya mn jeetay hain? yeh authorities… koi idea nahi hai inko k duniya kahan pohnch gai hai…. inko realization nahi hai k yeh kch nahi kr skty unless pakistan ka internet connection kaat do… same as desi parents do to their aulaad 🤣

  • This is the worst and most stupid govt. of the century and the agencies that are involved in threatening Waqar Zaka are also stupid. Peoples bank of China recently launched their own digital currency and cards.

  • Most of them have fake degrees ya availed their degrees through illegal way and are incompetent to use computers and other IT gadgets , that’s why they are afraid of using it.

  • Gatya iqdaam agr kuch krna hi hy tu crypto ki regularization k bare me sochen. Hadd hy fraud ho jay to compensation ni deti r jo achii sites hain unko q ban kren gin. Agr tu ye block ho gain tu bhutt bara nuqsan hoga..

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