Pakistan’s Crime Agency to Ask Telecom Authority to Block Crypto Websites: Report
The State Bank of Pakistan has already submitted recommendations for regulating cryptocurrencies.
Jan 17, 2022 at 3:20 p.m. UTCUpdated May 11, 2023 at 7:10 p.m. UTC
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Pakistan’s Federal Investigation Agency (FIA), which investigates serious and organized crime, said it will ask Pakistan Telecommunication Authority (PTA) to block websites dealing in cryptocurrencies, according to a report by Dawn.
- The proposal is intended to counter fraud and possible money laundering by blocking crypto-linked websites, FIA Director-General Sanaullah Abbasi said at a press conference Saturday after meeting with officials of the State Bank of Pakistan (SBP).
- SBP has already submitted recommendations for regulating cryptocurrencies, Abbasi said.
- “Crypto has given a new dimension to the fraud,” said Abbasi, adding that his agency will approach legal experts to deal with fraud and other issues arising from crypto currency dealings.
- Earlier this month the FIA said it wanted to talk with Binance, the world’s largest crypto exchange, as part of an investigation into a suspected scam it said has cost several thousand investors more than $100 million.
- On Jan. 13, local media reported the government of Pakistan and its central bank want to ban the use of cryptocurrencies, citing a document submitted to a provincial court.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets