PTA to Block Cryptocurrency Websites in Pakistan

According to Sources, the Pakistan Telecommunication Authority (PTA) would soon ban websites dealing in cryptocurrency in the country.

The PTA has received a letter in this regard from the Federal Investigation Agency (FIA), and its enforcement division is now attempting to find a means to restrict these websites.

Earlier this week, the FIA indicated that it would approach the PTA about blocking cryptocurrency-related websites in order to avoid fraud and suspected money laundering.

Last week, a committee appointed by the Sindh High Court proposed a blanket ban on cryptocurrency and associated activities in the country. The proposal was one of a string of blows for cryptocurrencies in recent weeks.

It is also worth noting that the FIA has recently launched an investigation into a mega-scam involving 11 applications used by criminals to steal over Rs. 17 billion from Pakistani investors. According to unofficial data, hundreds of people were misled after placing money in phoney cryptocurrency schemes that promised them big profits.

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