Central Bank of Pakistan Announces Ban on Crypto Trading and Penalty Trading! Is the website blocked?

According to earlier data, the total amount of cryptocurrency held by Pakistanis is around $20 billion, which is more than the foreign exchange reserves of the Central Bank of Pakistan. A report by Chainalysis also pointed out that Pakistan ranks third in the world in terms of cryptocurrency adoption after Vietnam and India.

Local news agency SamaaTV reported on the 12th that Pakistan's Sindh High Court (SHC) held a hearing on the legalization of cryptocurrency in Pakistan on the 12th. China, Saudi Arabia for more In addition to 'ban cryptocurrencies in 11 countries in Uttar Pradesh, SBP suggested in court hearing that SBP intends to ban cryptocurrencies and not use them for any purpose trading, including fines for cryptocurrency exchanges. To do.

Due to the lack of laws and regulations governing the cryptocurrency market in South Asia, the status of cryptocurrencies remains unclear.

Although the bank has agreed to ban all cryptocurrencies against the CHS, the CHS has not yet ordered the banning of cryptocurrencies for Pakistani citizens.

Instead, the CHS asked the bank to file an appeal with the Ministry of Finance and the Ministry of Justice. The Ministry of Finance and Justice has made a final decision on the legality of cryptocurrencies, and the ban on cryptocurrencies is consistent with the rule of law.

The Federal Reserve has also reported that the Federal Bureau of Investigation (FIA) is conducting a number of investigations into cryptocurrency exchanges due to speculative investors blocking risk and detecting financial transactions and harassment issues.

Block cryptocurrency websites

The FIA ​​is a security institution run by the Pakistani Ministry of Interior, responsible for border control, terrorism investigation and counter-insurgency.

According to Dunn's diary yesterday (16), the FIA ​​is trying to block crypto-related websites, FIA President Dr. We Block Cryptocurrency Websites to Prevent Fraud and Money Laundering silver.

During the meeting, it was learned that the central bank had submitted a legal request to the national cryptocurrency, that is, the idea of ​​banning cryptocurrency completely, following the instructions of the High Court of Sindh. SBP Senior Leaders: SBP leaders were briefed on the bylaws during the meeting. Cryptocurrencies open up new avenues for fraud.

The FIA ​​President discussed financial regulation under existing Pakistani laws, including the Foreign Trade Act 1947 (FERA) and the Financial Protection Act 2010 (AMLA).

SBP officials also told the meeting that there is as yet no Natural Resources Regulatory Framework (VASP) in Pakistan that complies with the requirements of the Financial Institutions Act (FATF).