The Federal Bureau of Investigation (FIA) has contacted the Pakistan Telecommunications Authority (PTA) to block access to more than 1,600 cryptocurrency exchanges in Pakistan.
The development was confirmed by Babar Bakht, Operations Director of the FIA’s Cybercrime Unit (CCW) in Lahore.
Additionally, the Pakistan Tehreek-e-Insaf (PTI)-led federal government intends to regulate cryptocurrencies in Pakistan, Science and Technology Minister Shibli Faraz said Wednesday at the first Pakistan Blockchain Summit 2022 in Islamabad.
The State Bank of Pakistan (SBP), the Securities and Exchange Commission and the financial sector are already working on the plan, as blockchain is expected to be a $20 billion market by 2024, with around 200 countries already incorporating it into their systems in some way.