Pakistan's Federal Investigation Agency (FIA) is planning to block websites that deal with cryptocurrencies to reportedly prevent fraud and money laundering, DAWN.com has learned. According to the report, FIA Director-General, Sanaullah Abbasi, announced that the agency will block the websites in a cooperation with the Pakistan Telecommunication Authority (PTA).
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While Abbasi did not clarify when the proposal might come into force, the FIA chief believes that cryptocurrencies have given a "new dimension to the fraud." He added though that the State Bank of Pakistan (SBP) gave clear instructions on how to combat the volatile market:
"The SBP officials gave a presentation in the meeting about a regulating mechanism."
In December last year, iHodl reported that the Reserve Bank of India (RBI), the central bank of the country, was actively exploring a complete ban on cryptocurrencies. According to reports, the central bank made a detailed presentation to the board showing "serious concerns" about how cryptocurrencies affect the macroeconomic and financial stability of India. While details remain undisclosed, one of the sources close to the RBI said that the watchdog emphasized the challenge of regulating intangible assets that originate overseas.
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