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HomeCrypto NewsPakistan Freezes More Than 1,000 Accounts and Cards for Crypto Trading

Pakistan Freezes More Than 1,000 Accounts and Cards for Crypto Trading

According to reports, authorities in Pakistan have taken hundreds of cards and bank accounts belonging to cryptocurrency traders. According to local media, they have been allegedly used to make transactions worth close to $300,000 through digital asset exchanges, including major platforms.

The Pakistani Government blocks cards used to buy cryptocurrency. Media reveal
The Federal Investigation Agency of Pakistan (FIA) has frozen bank accounts belonging to 1 ,064 people. According to the Pakistan Observer, on Wednesday, the law enforcement authority acted upon request from Islamabad’s Cyber Crime Reporting Center.

Officials claim the accounts have been utilized to process transactions worth a total of 51 million Pakistani rupees (around $288,000) made by persons to and from a number of crypto exchanges, among which are well-known platforms such as Binance, Coinbase, and Coinmama.

According to the publication, the agency also has blocked credit cards of those who use them to purchase and sell digital currencies. The publication reminded residents that in April 2018., the State Bank of Pakistan (SBP), prohibited the sale and purchase of cryptocurrency. This circular was issued by the Banking Policy and Regulation Department.

However, cryptos such as bitcoin are growing in popularity among investors in Pakistan despite the ban. A report published by the Federation of Pakistan Chambers of Commerce and Industry, FPCCI, estimates that Pakistanis have $20 trillion worth of cryptocurrency.

FPCCI President Nasirhayat Magoon stated that the quoted value of digital currency owned in Pakistan is based upon research by the organization’s Policy Advisory Board. The true value of crypto holdings could be higher than that, since many Pakistanis are purchasing coins through peer-to-peer transactions which have not been detected.

Magoon called for a policy to regulate and facilitate cryptocurrency-related transactions. He pointed out that India, the country’s regional rival, had already implemented some rules. His association calls for a legal framework that is consistent with international guidelines such as the FATF and IMF.

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Are you positive that Pakistanis will continue to invest cryptocurrency despite Islamabad’s restrictions? Comment below to let us know your thoughts.

Lubomir Tassev

Lubomir Tassev, a journalist hailing from tech-savvy Eastern Europe, likes Hitchens’s quote: “Being an author is what I am rather than what it is.”

Image Credits: Shutterstock. Pixabay. Wiki Commons.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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