Pakistan Tries To Block Websites Dealing With Cryptocurrencies: Report – Bitcoin News

Pakistan’s Federal Bureau of Investigation (FIA) is reportedly seeking to block websites dealing with cryptocurrencies. The decision follows a meeting between the agency and the State Bank of Pakistan (SBP), which recently recommended a complete ban on cryptocurrencies.

Pakistan’s FIA reportedly trying to block cryptocurrency websites

Pakistan’s Federal Bureau of Investigation (FIA) is seeking to block websites dealing with cryptocurrencies, Dawn reported on Sunday. The Pakistani government website says the FIA ​​is “a border control, criminal investigation, counterintelligence and security agency controlled by the Pakistani interior minister”.

FIA Director-General Dr. Sanaullah Abbasi told the media on Saturday that his agency will contact the Pakistan Telecommunications Authority (PTA) to block encrypted websites to prevent fraud and money laundering.

His statement came after he met with senior officials from the country’s central bank, State Bank of Pakistan (SBP). The FIA ​​President said:

SBP officials introduced the regulatory mechanism at the meeting.

During the meeting, SBP officials noted that the central bank recently submitted a proposal on the legal framework for cryptocurrencies in Pakistan under the direction of the Sindh High Court.National Bank Advice total ban About cryptocurrencies.

Emphasizing that his department is mainly concerned with fraud and money laundering, the FIA ​​Director-General believes:

Encryption provides a new dimension to fraud.

The FIA ​​chief continued to discuss existing Pakistani laws: the Prevention of Electronic Crime Act, 2016; the Foreign Exchange Remittance Act, 1947 (FERA); and the Anti-Money Laundering Act, 2010 (AMLA). He emphasized that they do not contain provisions for illegal and abusive cryptocurrencies.

Additionally, the meeting with SBP officials highlighted that Pakistan “does not have a regulatory framework for virtual asset service providers (VASPs) to comply with the FATF [Financial Action Task Force] request,” the publication conveyed.

Abbasi added that the FIA ​​recently opened an investigation massive financial scam After 11 apps related to cryptocurrency exchange Binance stopped working. The scheme allegedly defrauded Pakistani investors of more than $100 million.

What do you think of Pakistan’s FIA trying to block cryptocurrency websites? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered 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.

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