Thursday, May 26, 2022

PTA denied to block cryptocurrency websites

After receiving a request from the Federal Investigation Agency (FIA) to block cryptocurrency-related websites in Pakistan, the Pakistan Telecommunication Authority (PTA) denied the request on Monday.

In response to the FIA’s request, the Pakistan Telecommunication Authority (PTA) said in a statement issued on Monday that the authority could not block thousands of websites involved in cryptocurrency trading because of a circular issued by the State Bank of Pakistan (SBP).

“PTA will not block websites till a system for cryptocurrency trading in Pakistan is established,” the statement continued.

Between now and the end of this year, the Pakistan Telecommunication Authority has begun discussions with appropriate authorities about the future of digital currency.

The Federal Investigation Agency had issued a letter to the Pakistan Telecommunication Authority (PTA) requesting that 1,600 cryptocurrency-related websites be shut down. 

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In the letter, the agency stated that cryptocurrency was also used as a tool for money laundering purposes. In addition, the agency discovered 1,600 websites that were engaged in bitcoin trading.

It is important to note here that the State Bank of Pakistan has proclaimed cryptocurrencies to be illegal in the country since the beginning of 2018.

Minister for Science and Technology Shibli Faraz stated earlier this year that the Pakistan Tehreek-e-Insaf (PTI)-led federal government aims to legalize cryptocurrencies in Pakistan, which was published in January of this year.

He was speaking at the inaugural Pakistan Blockchain Summit 2022, which took place in Islamabad.

Shibli Faraz stated that the State Bank of Pakistan, the Securities and Exchange Commission, and the Finance Division are all now involved in the plan’s development.

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