The Pakistan Telecommunication Authority (PTA) has chosen not to prohibit cryptocurrency websites in Pakistan right away, and has requested formal views on the topic from the Ministry of Information Technology and Telecommunication.
According to official sources, the PTA has rejected an earlier plea by the Federal Investigation Agency (FIA) to swiftly block websites dealing with cryptocurrency in Pakistan. They went on to say that the PTA has requested an official response from the Ministry of Information Technology and Telecommunications on the matter.
According to reports, the FIA identified 1,540 websites and demanded that PTA prohibit them, but the legal precedent for such a move is insufficient to prevent the sites from being blocked. According to the State Bank of Pakistan’s (SBP) Circular No. 3 of the Banking Policy and Regulation Department (BPRD) dated April 6, 2018, all websites can be prohibited.
They stated that cryptocurrency websites would not be shut down in the nation until a framework is put in place.
According to insiders, consultations with key organisations have begun over the near future of digital assets as a true store of value.
In the recent few months, a series of regulatory actions in Pakistan have shaken the world of cryptocurrencies, as local authorities appear to be strengthening their war on illegitimate sources of funding.
The central bank has been undertaking internal investigations on cryptocurrencies as part of the country’s future monetary strategy, which is notable. Despite promises of a regulatory move toward the adoption of digital assets as legal cash on April 12, the situation is presently extremely ambiguous, making it impossible to predict whether or not digital assets will be regularised at all.