Is Bitcoin Declared Illegal In Pakistan? or Another Fake News? FIA Takes Action Against Bitcoin Traders - One Arrested!

princewahaj (69) in bitcoin • 7 years ago (edited)

When I woke up today, I was completely shocked to read the message of my friend where he informed me that Bitcoin and Onecoin to be declared illegal in Pakistan. This is dangerous for me since I do operations through our licensed local exchange Urdubit.

According to TechJuice, Bitcoin and Onecoin is now illegal in Pakistan. FIA recommending the Government to officially announce that Bitcoin business is no longer acceptable in Pakistan. When they were asked for the reason of this ban, they replied that Bitcoin doesn't come under tax net and therefore, it is illegal. Another reason was darkweb activities.

FIA takes action against bitcoin traders - one arrested

I was not sure about the news and started doing more research. I found one television channel broadcasting the same news at 8th February 2018 with the addition that one guy is arrested for doing Bitcoin business and his laptop and phone is under their custody. Here's the video link:

https://www.facebook.com/kolachian/videos/2020543801527003/

According to the owner of Urdubit, this is a fake news and has nothing to do with reality. He says that there is nothing mentioned in SBP site to confirm that news and is more likely a rumor.

This is getting dangerous. Seems like 2018 is the year full of dangers for Bitcoin and looking at the market that is following Bitcoin, seems like if Bitcoin collapses, the whole cryptocurrency market will suffer. All you need is one rumor from a reputable site and Viola! the market starts crashing because of nuts.

What do you think guys? Is it for real? It's a warning to be cautious. Though I believe that there won't be a big impact of this reported ban (so far, no confirmation from SBP) on the global crypto market as the volume of Bitcoin trading is not so big in Pakistan but as for Pakistanis, they'll have to say Good Bye to the crypto world! (or use blackhat techniques to hide their business).

Note: I think that it's a fake news since there is no mention of such thing at SBP official website. But we definitely need to keep our eyeballs there

bitcoin news money cryptocurrency crypto

7 years ago by princewahaj (69)

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writewords (53) · 7 years ago

hey guess what? crypto is a threat to their monopoly on coercion AKA government. The powerful ppl controlling govt do not care one iota about the "little people" they just want as much power and control as they can muster. Thing is: they can't put the genie back in the bottle. Just as God will never be overcome by the enemy. Paki collaborating with the Bin Ladens and terrorist groups writ large is just another indication of what side that government is on. Not to mention most US regimes prior to this one. The jury is still out on Trump, but some indicators online suggest he's actually wiping out a lot of deep state players / networks. US is making crypto increasingly harder to get into for their ppl as well. We, as a community, need to create more peer-to-peer services enabling crypto buying and selling / cashing out to fiat (like local bitcoins) which require no government permission. We need to take this battle to our home field... .stop letting them have the say.

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rasmus47 (33) · 7 years ago

Would not be good for bitcoin to get banned in more countries when bitcoin is now slowly rebuilding in value but hopefully as you say its fake news. Anyway thank you for the update !:)