The Pakistan Telecommunications Authority (PTA) has decided not to immediately block the cryptocurrency websites in Pakistan and has requested official comments from the Ministry of Information Technology and Telecommunications on the matter.
Official sources told Webeysthat PTA has decided against a previous request by the Federal Investigation Agency (FIA) to immediately ban websites trading cryptocurrencies in the country. They added that PTA has officially requested comment from the Ministry of IT & Telecom.
According to sources, the FIA had identified 1,540 websites and requested PTA to block them, but the legal precedent for such a move is too weak to block the sites. They said all websites can be blocked based on Circular No. 3 of the State Bank of Pakistan (SBP) of the Department of Banking Policy and Regulation (BPRD) dated April 6, 2018.
They claimed that before a mechanism is put in place, websites with cryptocurrencies will not be shut down in the country.
Concerning the immediate future of digital assets as a real store of value, sources said, consultations have begun with relevant authorities.
The world of cryptocurrencies has been rocked by a number of regulatory interventions in Pakistan in recent months as local authorities appear to step up their crackdown on illicit funding sources.
It is noteworthy that the central bank has conducted internal investigations into cryptocurrencies as part of its future monetary strategies in the country. Despite hopes for a regulatory shift towards adopting digital assets as legal tender on April 12, the situation is now incredibly uncertain as to whether or not the country will see digital assets regularized.
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