Bitcoin traders in Pakistan

Federal Investigation Agency (FIA) has started crackdown against OneCoin and Bitcoin traders in Pakistan. The authorities have also made arrested a person involved in the trading of cryptocurrency in the country and have seized his mobile phone and laptop.

Last year, FBR also started investigating bitcoin traders and investors in Pakistan who were allegedly using digital currencies to evade taxes etc.

Any form of cryptocurrency involving OneCoin and Bitcoin in Pakistan are illegal, according to the State Bank of Pakistan (SBP). The central bank doesn’t recognize it as a currency and thus the Bitcoin traders in Pakistan are not involved in a legal business.

Before launching a crackdown, FIA consulted SBP about whether the bitcoin trading in Pakistan is legal or illegal. In response to this query the central bank relayed that as the cryptocurrencies do not come into the tax net, their trading is not legal in the country.

According to FIA, Bitcoin is being used as a mode of payment for many illegal activities happening on the dark web and is thus targeting people involved in such businesses.

Bitcoin is one of the most hyped cryptocurrency in the world which reached an all-time high in December 2017 when it was worth $19,000 but since then its value has plunged where it reached $5947 on last Tuesday.

Since now, no country has regularized the use of bitcoin and other cryptocurrencies and central banks around the world have different opinions regarding the use of these cryptocurrencies.

Earlier this year, Members of Council of Islamic Ideology (CII) also decided to take up the Bitcoin issue and to settle once and for all whether the bitcoin trading is halal or haram.

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