Pakistan has launched an investigation into cryptocurrencies (Photo: IANS)
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Pakistan is coming down with a heavy hand on cryptocurrency dealers and has asked the Pakistan Telecommunication Authority (PTA) to shut down 1,600 websites over money laundering issues.</p>
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The country&#39;s Federal Investigation Agency (FIA) told the PTA that cryptocurrency is a tool of money laundering. Pakistani newspaper <a href="https://tribune.com.pk/story/2339341/cryptocurrency-dealers-to-be-in-hot-water-soon"><em>The Express Tribune </em>says that </a>arrests of cryptocurrency dealers are expected across the country as the FIA has asked the PTA to identify the people behind the websites.<br />
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FIA&#39;s cybercrime wing has already launched a joint operation with the PTA against cryptocurrency operators in the country. It began its investigations&nbsp;in December last year after people complained of being <a href="https://www.indianarrative.com/world-news/crypto-scam-pakistanis-lose-millions-to-massive-fraud-141542.html">cheated by cryptocurrency&nbsp;apps</a>.<br />
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In the first week of January 2022, the agency even sent a notice to Binance–the world&#39;s largest cryptocurrency exchange, asking the organisation about 11 mobile apps that had defrauded Pakistanis of nearly $100 million in the digital currency fraud.<br />
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Each app had thousands of customers with investment ranging between $100 to $80,000.<br />
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Imran Riaz, Head of Cyber Crime Zone, of the Karachi-based FIA tweeted: &quot;The Federal Investigation Agency Cyber Crime Sindh&rsquo;s action on 11 online investment apps integrated with Binance. The apps defrauded Pakistanis with about 100 million $. A letter has been sent to Binance as well as notice to GM Binance Pakistan&quot;.<br />
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Pakistan had declared the cryptocurrency illegal in 2018. However, that did not prevent&nbsp;Pakistanis&nbsp;from pumping money in digital currencies. The Pakistan Chamber of Commerce and Industry recently said that <a href="https://www.thenews.com.pk/print/923043-forex-reserves-fall-to-24-02bln">Pakistanis hold nearly $20 billion</a> in investments in digital currencies, which is slightly less than the country&#39;s foreign exchange reserves at approximately $24 billion.</p>
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Even as the FIA takes action, in a complete reversal, the government is thinking of regularising cryptocurrency and promoting blockchain technology.&nbsp;</p>
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At a block-chain technology meet, Science and Technology Minister Shibli Faraz told journalists: &quot;The government wants to regularise cryptocurrency and the State Bank, SECP [Securities and Exchange Commission of Pakistan] and Finance Division are working on it. We cannot stay out of the affairs of the region&quot;.<br />
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The minister said that government&rsquo;s control was necessary for their protection and transparency. He added that the science and technology ministry had launched blockchain technology pilot projects in collaboration with three universities.</p>
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