According to reports, the Pakistani authorities have taken action and confiscated hundreds of bank accounts and bank cards belonging to cryptocurrency dealers. According to local media reports, they are said to be used for transactions worth nearly US$300,000 through digital asset exchanges including major platforms.

The media revealed that the Pakistani government blocked cards used to purchase cryptocurrencies

Pakistan’s FBI has frozen bank accounts under the names of 1,064 people (son). Pakistani observers notified readers on Wednesday that law enforcement agencies have taken action at the request of the Islamabad Cybercrime Reporting Center (CCRC).

Officials claim that these accounts have been used to process transactions worth 51 million Pakistani rupees (approximately US$288,000) between people and some cryptocurrency exchanges, including well-known platforms such as Binance, Coinbase, and Coinmama.

The publication added that the agency also blocked the credit cards they used to buy and sell digital coins. It also reminded residents that the National Bank of Pakistan (Systolic blood pressure) Its banking policy and regulatory authorities issued a notice in April 2018 prohibiting the buying and selling of cryptocurrencies.

However, despite the ban, cryptocurrencies like Bitcoin are gaining popularity among investors in the country.According to a report recently released by the Federation of Pakistani Chambers of Commerce and Industry (FPCCI), Pakistanis catch A cryptocurrency worth 20 billion U.S. dollars.

At a press conference last week, FPCCI Chairman Nasir Hayat Magoon pointed out that the quotations of digital currencies owned by Pakistanis are based on research conducted by the Association’s Policy Advisory Committee. In fact, the true total number of cryptocurrency holdings may be much higher because many Pakistanis are buying coins through peer-to-peer transactions that have not yet been discovered.

Magoon also called on the government to introduce relevant policies to regulate and promote crypto-related transactions, and pointed out competitors in the region, India, Measures have been taken to implement some rules for the industry.His association recommends adopting a legal framework consistent with the guidelines issued by international organizations, such as Financial Action Task Force and International Monetary Fund.

Despite the restrictions imposed by the Islamabad authorities, do you think Pakistanis will continue to invest in cryptocurrencies? Please let us know in the comments section below.

Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.