Pakistan has frozen over 1,000 cryptocurrency trading accounts and cards.

Authorities in Pakistan are apparently attempting to confiscate hundreds of bitcoin dealers’ bank accounts and credit cards. According to local media, they have reportedly been used to conduct transactions totaling over $300,000 via digital asset exchanges, including significant platforms.

The Federal Investigation Agency of Pakistan has blocked bank accounts in the names of 1,064 people (FIA). The law enforcement agency responded in response to a request from Islamabad’s Cyber Crime Reporting Center (CCRC), the Pakistan Observer reported on Wednesday.

Officials believe the accounts were used to handle transactions of 51 million Pakistani rupees (about $288,000) made by individuals to and from a variety of cryptocurrency exchanges, including well-known platforms such as Binance, Coinbase, and Coinmama.

According to the magazine, the agency has also disabled their credit cards, which they used to acquire and trade digital currency. It also reminded citizens that the State Bank of Pakistan (SBP) barred the acquisition and selling of cryptocurrencies in April 2018 through a circular issued by its Banking Policy and Regulation Department.

Despite the restriction, cryptos such as bitcoin have grown in favor among investors in the nation. According to a recent survey by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Pakistanis own $20 billion in cryptocurrencies.

FPCCI President Nasir Hayat Magoon stated at a news conference last week that the quoted worth of the digital currency owned by Pakistanis is based on research conducted by the association’s Policy Advisory Board. In truth, the true number of crypto holdings may be substantially higher, since many Pakistanis purchase cryptocurrencies through peer-to-peer transactions that go unreported.

Magoon also urged the government to create an appropriate policy to regulate and facilitate crypto-related transactions, noting that India, a regional rival, has already made measures to enact some standards for the industry. His group advocates for the development of a legislative framework that is consistent with the principles given by international organizations such as the FATF and the IMF.

 

Authorities in Pakistan are apparently attempting to confiscate hundreds of bitcoin dealers’ bank accounts and credit cards. According to local media, they have reportedly been used to conduct transactions totaling over $300,000 via digital asset exchanges, including significant platforms.

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