PAKISTAN: FIA TAKES ACTION AGAINST BITCOIN AND ONECOIN TRADERS

Today i just heard the news about cryptocurrency that Bitcoin and OneCoin was banned by the Pakistan government.As many of the people said that it was just a rumour but it went wrong as FIA just arrested a trader who was trading bitcoin.
I have explained the whole scenario in my blog which is given below along with the website link

The top secret astuteness department of the Federal Board of Revenue (FBR) is investigating cases where investors trade digital currencies probably to eschew taxes or launder mazuma.Bitcoin is a cryptocurrency and ecumenical payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.The network is peer-to-peer and transactions take place between users directly, without an intermediary.
Federal Investigation Agency (FIA) has recommended the regime of Pakistan to declare Digital currencies illicit in Pakistan. FIA made these recommendations — and several other amendments — to ameliorate aversion of electronic malefactions act (PECA)-2016.
FIA verbally expressed that offences 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, bailable and compoundable.
FIA Previous Actions On Bitcoin And OneCoin
It’s not the first time, FIA took such action against Bitcoin and OneCoin. The agency took homogeneous steps for the same digital currencies, back in August 2017. However, no one was detained then.
Cryptocurrency has always been in sultry waters as it could be utilized for mazuma laundering, tax evasion, and sundry other malefactor activities.

Another reason for FIA’s current action, as the pristine news infers, could be the cryptocurrencies’ involution in the notorious Dark Web. Withal kenned as the deep web, it is the center of the world’s most tenebrous illicit activities involving pedophiles, murderers and terrorists.
“Bitcoin / digital currency isn’t apperceived by banking concern of Islamic Republic of Pakistan as legitimate business and area unit inflicting immensely colossal financial loss to the govt mazuma. consequently it ought to be declared unlawful with the inclusion of definition and distinct penalisation of this elevating Crime”, official documents disclosed.

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