Cryptocurrency traders will soon be in hot water

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Islamabad:

The Federal Investigation Agency decided to launch a crackdown on cryptocurrency traders and wrote a letter to the Pakistan Communications Authority (PTA) to shut down 1,600 websites for this purpose.

In the letter, the agency wrote that the cryptocurrency was also a tool for money laundering.

The FIA ​​is likely to launch a major operation against cryptocurrency traders soon, with arrests expected across the country.

According to the sources, the agency has started compiling lists of cryptocurrency operators.

In the letter, the agency identified 1,600 websites that deal in cryptocurrency.

Aside from closing these sites, the FIA ​​has also requested PTA’s help in taking action by the people who run them.

The letter stated that millions of citizens have so far been embezzled in digital currency scams.

The State Bank of Pakistan has declared cryptocurrency illegal in the country since 2018.

The FIA ​​Cybercrime Wing has already launched a joint operation with the PTA against cryptocurrency operators.

Separately, the federal government has launched a plan to regulate cryptocurrency and blockchain technology.

Also Read: Should Pakistan Ban Cryptocurrency?

The government wants to regulate cryptocurrency and the state bank, SECP [Securities and Exchange Commission of Pakistan] Federal Minister of Science and Technology Shibley Faraz told the reporter after addressing the Blockchain Technology Summit in the federal capital on Tuesday.

“We cannot stray from the affairs of the region,” he added.

The minister claimed that gullible people turn to cryptocurrencies without thinking about the consequences and that government control was necessary to protect them and their transparency.

Earlier, Shibli, in his speech to the summit, said that his ministry has taken important steps to move towards the use of technology, developed electronic voting machines, and formulated a scientific innovation policy.

He added that about 200 countries have somehow integrated blockchain technology into their systems.

Shibli also said that his ministry has launched pilot projects for blockchain technology in its three universities.

All three universities will achieve degrees in blockchain technology. Class verification issues with HEC [Higher Education Commission] It will also be resolved.”

Speaking on the occasion, Masoud Khan, Pakistan’s designated ambassador to the United States, said that blockchain is part of an emerging technology. “Blockchain has nothing to do with Bitcoin,” he added.

“He. She [blockchain] It will end corruption and bring transparency. Blockchain is very important in the anti-corruption and healthcare campaign.”

He also noted that the US e-commerce giant Amazon has registered itself in Pakistan.

Pakistan protects data. It has a good environment for investment. The country has moved from political geography to economic geography.”

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