Tag Archives: Bitcoin

Bitcoin To Be Illegal in Pakistan

Bitcoin To Be Illegal in Pakistan


Sumera Saeed | February 7, 2018 | category: Banking

Bitcoin To Be Illegal in Pakistan. Soon the use of Bitcoin will be illegal in Pakistan. The Federal Investigation Agency (FIA) has suggested the government of Pakistan to announce the digital currency Bitcoin as illegal. FIA has alos suggested that in order to stop the emerging crime in the country the government has to include the definition and distinct punishment in the prevention of electronic crimes act (PECA).

As per the FIA official notification the Bitcoin is not accepted and recognized legal by the State Bank of Pakistan (SBP) and damaging the government exchequer. FIA said that Bitcoin should be declared illegal with the inclusion of definition and distinct punishment of this emerging crime.

SECP Warns People Not To Invest in Bitcoin & Other Crypto Currencies and Starts Crack Down Against Illegal Traders in Pakistan

As State Bank of Pakistan (SBP) has termed the digital currencies illegal. There is no law that shows to deal with Bitcoin or any other digital currencies in Pakistan.

The prevention of electronic crimes act (PECA) was made in 2016 and FIA has suggested more amendments to improve it.

FIA said that crimes under PECA-2016 — other than cyber terrorism [Section.10], offence against modesty of natural person [Section.21] and child pornography [Section.22] — are non-cognizable, bail-able and compoundable.

These following are non-cognizable offences according to PECA-2016, i.e. the Law Enforcement Agencies are allowed to take action against the offensive to initiate the investigation or arrest without the permission of the Magistrate.

Illegal Access /alteration / deletion / intrusion to Critical Infrastructure Information Systems/ Data Section 6, 7, 8]

  •     Electronic Forgery [Section.13]
  •     Electronic Fraud [Section.14]
  •     Unauthorized Issuance of SIM [Section.17]
  •     Tampering of electronic equipment’s [Section. 18]
  •     Cyber Stalking [Section.24]
  •     Spoofing [Section.26]

FIA said that due to the non-cognizable nature of these offences, related to the cyber security of the country is hindering the helpful investigation and successful prosecution against the offenders. Furthermore these crimes are bail-able which harmfully affects the arrest of offender as bail is granted on first physical remand.

These offences are compoundable, which means that at any stage an aggrieved person can enter into conciliation with the accused.

FIA want the timely investigation of these time-critical crimes demands an immediate response by the law enforcement agency to limit and contain the damage caused by offenders. As the timely investigation and apprehension would improve the evidence collection for successful trial.

Via

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SECP Warns People Not To Invest in Bitcoin & Other Crypto Currencies and Starts Crack Down Against Illegal Traders in Pakistan

SECP Warns People Not To Invest in Bitcoin & Other Crypto Currencies and Starts Crack Down Against Illegal Traders in Pakistan


Sumera Saeed | April 14, 2017 | category: Business

SECP Warns People Not To Invest in Bitcoin & Other Crypto Currencies and Starts Crack Down Against Illegal Traders in Pakistan

Securities and Exchange Commission of Pakistan (SECP) has warned the people not to make investments in Bitcoin & Other Crypto currencies to avoid scam. According to SECP a number of companies in Pakistan are offering investment plans Bitcoin, Swisscoin, OneCoin and other virtual and digital currencies, but are not under the authorized identity under SECP.

So SECP warns the people that to invest with these fake and unregistered companies are risky and can be a deceitful pyramid scheme.

Securities and Exchange Commission of Pakistan (SECP) has revealed that a number of unlicensed operators are carrying out illegal trading operations in currency/commodity futures, across various cities of Pakistan in partnership with foreign counterparts, by using foreign trading platforms/exchanges.

The SECP has started a creak down against these illegal and unregistered companies and has initially got preliminary data  against  over  30  illegal  operators presently  busy  in  unlicensed  trading  activities.  The

The SECP has decided to forward this initial list of illegal brokerage houses and their suspected agents to the FIA for an immediate crackdown.

The  SECP  is  sure  that  cracking  down  on  the  black  market  will  go  a  long  way  in defending  investors,  lift up  government  revenues  by  transforming  the  illegal  into legal activity  in  the  regulated  and  documented  sector,  and  saving  the  foreign  exchange  currently being  sent  abroad.

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