PTA refuses FIA to block Cryptocurrency websites

Pakistan Telecommunication Authority (PTA)  has refused the Federal Investigation Agency (FIA) to block cryptocurrency websites without employing any legal mechanism. PTA has also sought opinion from Ministry of Information Technology (IT) regarding cryptocurrency websites. 

According to Baaghi TV sources, the PTA officials have said that the FIA has ordered 1,540 cryptocurrency websites to be blocked. However, the legal reference to this is weak unless some mechanism is put in place. In light of this claim, PTA has arrived at the decision that websites of cryptocurrency will not be blocked at the moment.

The PTA officials further added that consultations regarding this matter have already started with the concerned agencies on the future of digital currencies.

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It may be recalled that the Federation of Pakistan Chamber of Commerce and Industry had recently revealed that Pakistan recorded a value of about 20 billion in 2021 which is more than the federal reserves of the country, regarding cryptocurrency. India and Vietnam came first and second respectively.

The Federation of Pakistan Chamber of Commerce and Industry also highlighted in its report that the value of cryptocurrency in Pakistan has increased by 711% this year due to the influx of small investors, high leverage and low transaction costs corrupt cryptocurrencies have also been accepted.

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According to the same report, the largest cryptocurrency used by Pakistani investors is the Exchange Binary, as well as other populated platforms such as Local Bitcoins and Binomovo. About 67% of investors use central services, while only 33% use other platforms for transactions.

Traditional means used for international payments such as debit cards and credit cards cannot be used to purchase these currencies. Therefore, most investors use bank transfers or alternative sources such as Jazz Cash and Easypaisa.

Despite the non-recognition of virtual currencies, Pakistan has seen an increasing trend in cryptocurrencies.

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