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Pakistan to ban crypto and crypto-based website after a massive scam. Federal Investigation Agency (FIA) is planning to block websites dealing in cryptocurrency. This decision came after FIA had a meeting with the State Bank of Pakistan.
With a population of more than 220 million people, Pakistan also saw a surge in crypto adoption in the country. A few weeks ago, a scam was reported to the Federal Investigation Agency (FIA) by many users. When FIA looked into this matter, a scam came out in which millions of dollars of the users were stolen. A lawsuit is also going on in the Sindh High Court that will decide the future of the crypto market in the country.
Pakistan to ban crypto and crypto-based websites:
Pakistan to ban crypto and crypto-related websites, according to the Dawn newspaper. Dawn reported that FIA director-general Dr. Sanaullah Abbasi revealed this news in a press conference held on Saturday. Dr. Abbasi has explained that his agency will reach Pakistan Telecommunication Authority (PTA) to block crypto-related websites to prevent fraud and money laundering. Pakistan to ban crypto related websites but the future of millions of users remains a question mark.
One thing that is worth noting is that the Chief of FIA announced this news after a meeting with senior officials of the State Bank of Pakistan (SBP). FIA chief elaborated:
The SBP officials gave a presentation in the meeting about a regulating mechanism.
During the meeting, the SBP officials noted that the central bank recently submitted recommendations under the direction of the Sindh High Court on the legal framework for cryptocurrencies in Pakistan. The State Bank has recommended a complete ban on cryptocurrency.
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