The Pakistan Telecommunication Authority (PTA) has chosen not to prohibit cryptocurrency websites in Pakistan right away and has requested official 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 block them, but the legal precedence 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 cryptocurrencies websites will not be shut down in the country until a framework is put in place.
According to insiders, consultations with key organizations have begun over the immediate future of digital assets as a true store of value.
In the recent few months, a number of regulatory actions in Pakistan have rocked 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 regularized at all.