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Pakistani govt decides to end cryptocurrency services online

Pakistan restricts online cryptocurrency services to prevent misuse.

Cryptocurrency transactions in accordance with the standards of the international organisation that monitors the financing of terrorism.

Minister of State for Finance and Revenue Dr. Aisha Ghaus Pasha informed the Senate Standing Committee on Finance that the State Bank of Pakistan (SBP) and the Ministry of Information Technology have started working on banning cryptocurrencies in accordance with directives from the federal government.

She claimed that because of restrictions set by the Financial Action Task Force (FATF), cryptocurrencies will “never be legalised in Pakistan.”

She insisted that “FATF had set a condition that cryptocurrency will not be legalised.”

While supporting Pasha’s opinions, SBP Director Sohail Jawad claimed that because cryptocurrency transactions involve “high risk,” Pakistan will never approve their use.

He explained that cryptocurrency is virtual currency and that more than 16,000 different varieties have so far been created, noting that the $2.8 trillion market has since decreased to $1.2 trillion.

Senator Saleem Mandviwalla of the Pakistan Peoples’ Party (PPP) voiced his concerns on the enormous sums of money being invested in the market during the meeting.

Federal Investigation Agency (FIA) and Financial Monitoring body (FMU), a financial intelligence body that aids Pakistan in the fight against terrorism financing and money laundering, are working on this, the SBP official said in response to the worries.

Pakistan has experienced a boom in cryptocurrency trading and mining, with interest rising in the thousands.

As interest in connected social media content and online exchange transactions rises, there has been a boom in Bitcoin trading and mining in Pakistan.

Up until April 2018, when the government outlawed trading and mining of virtual currencies, cryptocurrency mining was a thriving industry in Pakistan. Even though many mining farms have been closed since this prohibition was put into place, the mining business is still expanding.

The majority of exchanges run on ghost partners and never appear on regulatory radars. The government, however, has been working nonstop to curtail cryptocurrency trading.

Pakistani government announced on Wednesday that it has decided to ban cryptocurrency services offered online in the nation in order to prevent unauthorised digital currency transactions in accordance with the standards of the international organisation that monitors the financing of terrorism.

Minister of State for Finance and Revenue Dr. Aisha Ghaus Pasha informed the Senate Standing Committee on Finance that the State Bank of Pakistan (SBP) and the Ministry of Information Technology have started working on banning cryptocurrencies in accordance with directives from the federal government.

She claimed that because of restrictions set by the Financial Action Task Force (FATF), cryptocurrencies will “never be legalised in Pakistan.”

She insisted that “FATF had set a condition that cryptocurrency will not be legalised.”

While supporting Pasha’s opinions, SBP Director Sohail Jawad claimed that because cryptocurrency transactions involve “high risk,” Pakistan will never approve their use.

He explained that cryptocurrency is virtual currency and that more than 16,000 different varieties have so far been created, noting that the $2.8 trillion market has since decreased to $1.2 trillion.

Senator Saleem Mandviwalla of the Pakistan Peoples’ Party (PPP) voiced his concerns on the enormous sums of money being invested in the market during the meeting.

The Federal Investigation Agency (FIA) and Financial Monitoring body (FMU), a financial intelligence body that aids Pakistan in the fight against terrorism financing and money laundering, are working on this, the SBP official said in response to the worries.

Pakistan has experienced a boom in cryptocurrency trading and mining, with interest rising in the thousands.
As interest in connected social media content and online exchange transactions rises, there has been a boom in Bitcoin trading and mining in Pakistan.

Up until April 2018, when the government outlawed trading and mining of virtual currencies, cryptocurrency mining was a thriving industry in Pakistan. Even though many mining farms have been closed since this prohibition was put into place, the mining business is still expanding.

The majority of exchanges run on ghost partners and never appear on regulatory radars. The government, however, has been working nonstop to curtail cryptocurrency trading.

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