Pakistanis purchased $50 million worth of cryptocurrency in just 6 months
According to reports from FIA headquarters,1,064 people from various private banks and exchange companies made 2,923 foreign exchange transactions worth billions of rupees in six months.
Pakistani citizens bought $50 million worth of corrupt currency in just six months. So far, the total investment made by Pakistanis in various types of cryptocurrencies has reached billions of dollars. It should be noted that at present the Pakistani government is forced to accept the toughest conditions of the IMF for a $1 billion aid loan. As a result, inflation is rising due to new taxes.
According to reports from FIA headquarters,1,064 people from various private banks and exchange companies made 2,923 foreign exchange transactions worth billions of rupees in six months. After a meeting between the officials of the Ministry of Interior, Ministry of Finance, and Ministry of Industry and Trade, recommendations were sent to the Prime Minister's House, and a formal inquiry was registered at the FIA headquarters and an investigation was started. The inquiry covers aspects of the undocumented economy, money laundering, tax evasion, and money laundering.
The FIA's preliminary report informs the authorities that in the initial proceedings, the accounts of the 1064 bank officers and representatives of the exchange companies have been frozen and an investigation into the data of those who conducted financial transactions with them has also been started. The preliminary report further states that the bank officials and representatives of the exchange companies sent valuable foreign exchange through more than $50 million in transactions to companies selling online cryptocurrencies, including Binance, Coinbase, Coinmama, and other top companies.
The FIA report states that according to the SRO issued by the SBP in 2018, declaring virtual and cryptocurrency illegal, financial institutions were ordered not to accept such payments. In the said SRO, SBP has asked the Chief Executive Officer (CEO) and heads of all banks, financial institutions, and payment providers in Pakistan that virtual currencies (VCs) such as bitcoin, light coins, Pak Coin, One Coin, Dusk Coin, Pay Diamond, etc. or intel Coin Offerings have been declared illegal by the Government of Pakistan.
It was informed in the same SRO that SBP has not issued authorization or license to any person or entity to buy, sell, exchange, issue or invest in virtual currency, coins, tokens in Pakistan. According to the SRO, the central bank has banned all banks from using, trading, keeping, transferring, promoting, or making payments of virtual currency or tokens and preventing them from receiving such payments from customers.
The SBP also ordered the country's financial institution to immediately notify the Financial Care Unit, calling the virtual currency payments suspicious. However, in violation of this SRO, bank officials and representatives of exchange companies continued to conduct billions of dollars in transactions for citizens and themselves, investing in cryptocurrencies under the purview of the FIA Cyber Crime Wing and involved in the upcoming financial scandal. That is why in this regard, after the registration of the inquiry under the supervision of the Director FIA Cyber Crime Wing at the Islamabad Headquarters, the teams of FIA Cyber Crime Wing Sindh, Punjab, Balochistan, and Khyber Pakhtunkhwa have been given the task to investigate the 1064 individuals who made online payments to buy currency separately. Because the majority of these people are from Karachi and Punjab.
According to FIA sources, there are several reasons for the recent rise in the trend of Pakistanis investing in cryptocurrencies, including bitcoins. The main reasons, however, are the sudden increase in the value of the bitcoin and the increase in the monitoring of remittances and remittances of citizens in the country on the terms and recommendations of the FATF. For which FBR and FIA teams are active and actions are also being taken against those who are creating assets by hiding wealth under the Anonymous Act.
On the other hand, the FBR has also collected in its system the records of bank accounts, property details, expenses, and declared income of more than 13 million citizens who are not even included in the list of taxpayers. That is why in recent times, apart from the front men of many politicians and government officials, traders, builders, estate agents, gold traders have also invested in different types of cryptocurrencies including bitcoins to extract and hide wealth from Pakistan. However, this has led to the decline of dollar reserves, the rise of dollar value, and a loss of foreign exchange. As a result, this issue is now being taken seriously.