Pakistani authorities have reportedly decided to seize hundreds of bank accounts and cards belonging to traders of cryptocurrencies. According to local media, they were used to make transactions worth nearly $ 300,000 through digital asset trading platforms.
Pakistani government blocks cards used to buy cryptocurrency
Bank accounts in the names of 1,064 people were frozen by the Federal Investigation Agency (FIA) from Pakistan. Law enforcement authorities acted at the request of the Cybercrime Reporting Center (CCRC) in Islamabad, reported Pakistan Observe Wednesday.
Officials say the accounts were used to process transactions worth a total of 51 million Pakistani rupees (around $ 288,000) made by people to and from a number of crypto exchanges, which include platforms well known such as Binance, Coinbase and Coinmama.
The agency also blocked credit cards used to buy and sell corners digital, the post added. She also reminded residents that the State Bank of Pakistan (SBP) has banned the buying and selling of cryptocurrency with a circular issued by its Department of Banking Policy and Regulation in April 2018.
Crypto popularity in full swing despite restrictions
Despite the ban, however, cryptos like bitcoin are enjoying increasing popularity among investors nationwide. According to an estimate from a report recently released by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Pakistanis hold around $ 20 billion in cryptocurrency.
At a press conference last week, FPCCI President Nasir Hayat Magoon noted that the aforementioned assessment is based on research conducted by the association’s Policy Advisory Council. In reality, the true total of crypto holdings can be much higher, as many Pakistanis buy corners via exchanges peer to peer which remain undetected.
Magoon also called on the government to introduce relevant policy to regulate and facilitate cryptocurrency-related transactions, pointing out that regional rival India has already taken steps to implement certain rules for the industry. His association recommends the adoption of a legal framework consistent with the guidelines issued by international organizations such as the FATF and the IMF.
Pakistani authorities have blocked more than 1,000 accounts and cards involved in several crypto transfers worth $ 300,000. Indeed, the popularity of the digital industry is growing among investors nationwide despite numerous restrictions issued by the government. Will Pakistan succeed in enforcing its crypto regulations?
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