As we all know, the year 2021 marks a widespread development for the crypto market. We are seeing a high level of involvement starting from retail investors then institutional investors up to the national level. But at the same time, there are parties who do not agree with this, some countries have taken action to block, among them is China.
Recently the Pakistani government has decided to block cards used to buy crypto assets. A total of 1,064 individuals have been tracked down and their cards frozen by the Federal Investigation Agency (FIA) of Pakistan. Law enforcement authorities acted at the request of the Cyber Crime Reporting Center (CCRC) in Islamabad.
Top officials claimed the account was used to process transactions worth a total of 51 million Pakistani rupees (about $ 288,000) done from several crypto exchanges, among them well -known platforms such as Binance, Coinbase and Coinmama.
The agency has also blocked those credit cards used to buy and sell crypto assets. They also reminded residents that the National Bank of Pakistan (SBP) prohibits the purchase and sale of crypto asset points based on a circular issued by the Department of Banking Policy and Regulation in April 2018.
Although the development of crypto is hampered by government restrictions, the popularity of crypto assets continues to increase among investors in the country. According to a report published recently by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Pakistanis own $ 20 billion (value) of crypto assets.
At a press conference last week, FPCCI President Nasir Hayat Magoon stated that the valuation of crypto assets owned by Pakistanis was based on research conducted by the association’s Policy Advisory Board. In fact, the actual number of crypto holdings may be much higher, as many Pakistanis buy crypto through peer -to -peer offers that remain untraceable.
Magoon finally called on the government to introduce policies related to crypto regulation.
