All Cryptocurrency Websites to be Blocked Soon in Pakistan

The Pakistan Telecommunication Authority (PTA) will soon ban cryptocurrency-related websites in the country.

According to sources, the PTA has received a letter in this respect from the Federal Investigation Agency (FIA), and its imposing division to make a system to block these websites.

Earlier this week, the FIA announced that it would approach the PTA about blocking cryptocurrency-related websites in order to prevent fraud and possible money laundering.

Last week, a committee appointed by the Sindh High Court suggested a complete ban on cryptocurrency and similar activities in the country. The recommendation was one of a string of setbacks for cryptocurrencies in recent weeks.

It is also worth noting that the FIA has recently launched an investigation into a mega-scam involving 11 applications used by fraudsters to steal over Rs. 17 billion from Pakistani investors.

According to unofficial data, thousands of people were fooled after depositing money in false cryptocurrency schemes that promised them massive profits.

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