PTA refuses to block cryptocurrency websites

ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Monday refused Federal Investigation Agency (FIA) request to block websites dealing in cryptocurrency in Pakistan, ARY News reported.

Reacting to the FIA request, the PTA, in a statement issued on Monday, said the authority could not block thousands of websites involved in trading of cryptocurrency on account of the State Bank of Pakistan (SBP) circular.

“PTA will not block websites until the formation of mechanism on cryptocurrency in Pakistan,” it added.

Meanwhile, the Pakistan Telecommunication Authority has also started consultations with relevant authorities to decide the fate of digital currency.

The Federal Investigation Agency had written a letter to the Pakistan Telecommunication Authority (PTA) to shut down 1,600 websites dealing in cryptocurrency.

In the letter, the agency wrote that cryptocurrency was also a tool of money laundering. The agency also identified 1,600 websites that were dealing in cryptocurrency.

It is pertinent to mention here that the State Bank of Pakistan has declared cryptocurrency illegal in the country since 2018.

Back in January this year, Minister for Science and Technology Shibli Faraz said that the Pakistan Tehreek-e-Insaf (PTI) led federal government intends to regularize cryptocurrency in Pakistan.

He was addressing the first Pakistan Blockchain Summit 2022, in Islamabad.

Shibli Faraz said the State Bank of Pakistan, Securities and Exchange Commission and Finance Division are already working on the plan.