Authorities in Pakistan have reportedly seized hundreds of bank accounts and cards from cryptocurrency traders. According to local media, they were reportedly used to process nearly $ 300,000 in transactions through the exchange of digital assets, including major platforms.
Pakistani government blocks cards used to purchase cryptocurrencies, media revealed
Bank accounts in the names of 1,064 people have been held by the Pakistani Federal Investigation Agency (FIA). The law enforcement agency acted at the request of the Cyber Crime Reporting Center (CCRC) in Islamabad, the Pakistan Observer said on Wednesday.
Officials claim the accounts were used to process a total of 51 million Pakistani rupees (around $ 288,000) in transactions made by individuals to and from a range of crypto exchanges, including popular platforms like Binance, Coinbase and Coinmama.
The agency has also blocked its credit cards, which are used to buy and sell digital coins, the publication added. It also reminded residents that the State Bank of Pakistan (SBP) banned the buying and selling of cryptocurrencies with a circular issued by its banking policy and regulation department in April 2018.
Despite the ban, however, cryptos like Bitcoin are enjoying growing popularity among investors in the country. According to an estimate from a recent report by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) stop $ 20 billion worth of cryptocurrency.
At a press conference last week, FPCCI President Nasir Hayat Magoon stated that the quoted valuation of the digital currency owned by Pakistanis was based on research by the association’s Policy Advisory Board. In reality, the true total of crypto holdings can be much higher as many Pakistanis buy coins through peer-to-peer deals that go undetected.
Magoon also urged the government to put in place an appropriate policy to regulate and facilitate crypto-related transactions, noting that the regional rival, India, has already taken steps to implement some rules for the sector. His association recommends the adoption of a legal framework based on the guidelines of international organizations such as FATF and IMF.
Do you think Pakistanis will continue to invest in cryptocurrencies despite the restrictions imposed by the authorities in Islamabad? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Source: Crypto News Austria