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Pakistan Launches Crackdown on Cryptocurrency

ISLAMABAD: Federal Investigation Agency (FIA) has launched a surprise crackdown on cryptocurrencies, dark web and other illegal digital activities.

A cryptocurrency dealer has been arrested by FIA.

FIA seized the mobile and laptop of the unknown individual currently under arrest.

The identity of the accused has not been revealed pending an investigation.

FIA had recently informed the State Bank of Pakistan that various consumers are using cryptocurrencies from Pakistan.

FIA also requested the official status of cryptocurrencies to device their line of action.

State Bank deemed cryptocurrencies Bitcoin and One Coin illegal because they are not present on Pakistan’s Tax net therefore illegal in the same way such as Hundi and Hawala business.

FIA is working with State Bank to bring down cryptocurrencies.

What are Cryptocurrencies?

Cryptocurrencies are digital or virtual currencies available to the buyer online.

The system has emerged as an alternate financial system available in the cyberspace.

Bitcoin was the first established cryptocurrency which is considered to be most important.

Bitcoin was invented as a Peer to Peer Cash Network to share the case.

What is Dark Web?

Areas and websites on the internet not accessible to the general public or through common search is known as Dark Web.

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