Pakistan’s Federal Investigation Agency (FIA) has suspended 1,064 bank accounts because it was linked to crypto exchanges. Officials say the accounts processed transactions worth $288,000 to and from crypto exchanges. They have also seized cards belonging to crypto traders. The cards were used to buy and sell cryptocurrencies.
Reports say a request for action had been made by the Cyber Crime Reporting Centre (CCRC) in Islamabad. Pakistan’s central bank, the State Bank of Pakistan, has banned the purchase and sale of cryptocurrencies. Digital assets and crypto exchanges continue to operate in Pakistan despite the ban.
Meanwhile, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) revealed that the people have about $20 billion worth of cryptocurrencies. As such, it urged the Pakistan government to introduce a policy to regulate cryptocurrencies and facilitate their transactions. Nasir Hayat Magoon, the FPCCI President, believes the people could cash the cryptocurrency in Pakistan instead of Dubai. He said the country can reap benefits if the government makes decisions “on time”.
Furthermore, the Sindh High Court had given the government three months to speed up the regulation of cryptocurrency. A new committee, headed by the federal finance secretary of Pakistan, had been formed to lay out the regulatory rules.
Experts highlight that the people in Pakistan have taken to cryptocurrency for international transactions. The main reason is that low transaction fees are involved compared to bank charges.
The pull towards cryptocurrencies in the Southeast Asian country is attributed to Waqar Zaka, who is the founder of Tenup. He was one of the first Pakistanis to speak at the Blockchain Economic Forum in 2018. Zaka shed light on the necessity of optimizing social media for cryptocurrency promotions and initial coin offerings. He also urged Pakistan’s government to embrace bitcoin. Zaka also encouraged people to invest in cryptocurrency.