The Pakistani Federal Investigation Agency has blocked the bank accounts of 1,064 people who used them for cryptocurrency transactions.
How
report local media, Pakistan Federal Investigation Agency (FIA) action is based on a request from the Cybercrime Reporting Center (CCRC) in Islamabad. It states that over a thousand individual users have made transactions worth 51 million Pakistani rupees through various cryptocurrency exchanges, including Binance, Coinbase and Coinmama. The authorities froze the bank accounts of these individuals and also blocked their credit cards used to buy and sell digital currencies.
Pakistan’s central bank banned commercial banks and other financial institutions from processing cryptocurrency transactions back in 2018. However, despite the ban of the regulator, cryptocurrencies continue to be in great demand by the population.
Last week, the Pakistani Federation of Chambers of Commerce and Industry (FPCCI) reported that the country’s citizens own $ 20 billion worth of cryptocurrencies. According to FPCCI President Nasir Hayat Magoon, the country’s cryptocurrency market has grown by 711% over the past 12 months. Therefore, Magun urged the government to soften its policy on cryptoassets by adapting the regulatory framework for them.
In October, the Supreme Court of the Pakistani province of Sindh already considered the feasibility of banning cryptocurrencies in the country. The court decided on the need to create rules for regulating cryptocurrency payments, on which the FIA ​​and the Central Bank of Pakistan should work together. As a reminder, last year the Securities and Exchange Commission of Pakistan (SECP) presented a consultation document outlining the concept of cryptocurrency regulation.
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