ISLAMABAD: The Federal Investigation Agency (FIA) has decided to approach the Pakistan Telecommunication Authority (PTA) to get websites dealing in cryptocurrencies blocked in the country, local media reported on Sunday.
The FIA said earlier this week thousands of Pakistanis had lost their life savings in a cryptocurrency scam amounting to about $100 million, adding that its officials were probing the case by reaching out to Binance which is the world’s largest digital currency exchange in terms of its daily trade volume.
FIA Director General Sanaullah Abbasi told Dawn newspaper his agency “will approach the Pakistan Telecommunication Authority for blocking websites dealing in cryptocurrencies to prevent fraud and possible money laundering.”
“Crypto has given a new dimension to fraud,” Abbasi added.
Pakistan’s central bank on Wednesday recommended banning digital currencies, arguing their use could facilitate capital flight from the country. The recommendation followed another by a committee formed by the Sindh High Court that also urged imposing a “complete ban” on cryptocurrencies.
The recommendations came while the court was dealing with a petition filed in 2019 which sought to overturn the central bank’s April 2018 notification advising banks and payment system operators against processing and investing in virtual currencies.
Officials believe the current ambiguity surrounding the legality of digital currency trade has made it easier for Pakistanis to fall prey to financial scams.
Investigators estimate some 37,000 people, mostly from middle-class households in Punjab’s Faisalabad district, had been defrauded after investing money in a cryptocurrency scheme that promised huge returns.
Pakistan’s premier investigation agency wants websites dealing in cryptocurrencies blocked
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Pakistan’s premier investigation agency wants websites dealing in cryptocurrencies blocked
- The Federal Investigation Agency says thousands of Pakistanis have lost their life savings in a $100 million cryptocurrency scam
- The country’s central bank has also recommended banning digital currencies to prevent capital flight from Pakistan
Pakistan stock market sheds over 5,400 points amid US-Iran tensions, lack of risk appetite
- Trump said on Thursday he would decide in ‘10 or 15 days’ whether to order strikes on Iran if no nuclear deal is reached
- Despite the decline, the market witnessed trading activity, with 461 million shares traded and a turnover of $89 million
KARACHI: The Pakistan Stock Exchange (PSX) tumbled sharply and lost more than 5,400 points on Monday, the market data showed, amid escalating geopolitical tensions between the United States and Iran and a marked lack of investor risk appetite.
The benchmark KSE-100 index 5,478 points, or 3.16 percent, to close at 167,691 points on Monday as compared to Friday’s close of 173,169 points, according to the PSX website.
The development comes a day after US President Donald Trump said he would decide in “10 or 15 days” whether to order strikes on Iran if no nuclear deal is reached. Iran has said any US attack would be an “act of aggression” that would precipitate a response.
“Risk appetite remains fragile. Markets are still pricing uncertainty,” Muhammad Waqas Ghani, head of research at JS Global Capital, told Arab News.
“Investors don’t wait for inflation prints, trade disruptions, or macro data to confirm the damage, they sell first on heightened geopolitical risk.”
During the intra-day trade, the index fluctuated within the range of 174,336 to 166,886 points, largely influenced by rollover-week dynamics, according to a market review by Topline Securities.
Index-heavy constituents, including Fauji Fertilizer Company (FFC), Lucky Cement (LUCK), Engro Holdings (ENGROH), National Bank of Pakistan (NBP) and Habib Bank Limited (HBL), emerged as the principal laggards, collectively dragging the benchmark down by 1,797 points during the session.
Despite the decline, the market witnessed trading activity, with total volume of 461 million shares and turnover amounting to Rs24.9 billion ($89 million). K-Electric led the volumes chart, recording over 35.9 million shares traded.
