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Government Declares Bitcoin Illegal in Pakistan, FIA Recommends – Movingtrend

7 Feb, 2018 1098 0
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Government Declares Bitcoin Illegal in Pakistan, FIA Recommends – Movingtrend

Movingtrend – Wednesday February 7, 2018

Federal Investigative Agency (FIA) has proposed the Government of Pakistan to say publicly that the status of the Bitcoin / cryptocurrencies is illegal in Pakistan.
FIA Urges Government to declare Bitcoin illegal in PAKISTAN.
FIA urges Government to declare the status of the Bitcoin illegal in Pakistan. And this recommendation included one more thing FIA said to Government to define the illegal status and distinct punishment of this evolving crime. This crime should be mentioned in the Prevention of the Electronic Crime Act (PECA). FIA is also made recommendations of some other amendments to enhance/adjust the PECA-2016.

Official document about the status of the Bitcoin in PAKSITAN stated that ”Bitcoin / digital currency is not recognized by State Bank of Pakistan as legitimate business and are causing huge monetary loss to the government exchequer. So it should be declared illegal with the inclusion of definition and distinct punishment of this emerging crime. ”

Bitcoin is becoming the emerging digital currency across the World, but instead all its status is ambiguous. However, there is no law in PAKISTAN to deal with Bitcoin. State Bank of Pakistan declared the status of the Bitcoin is illegal, as there is no law is available to deal the cases that are related to Bitcoin or other cryptocurrencies.

Offences under PECA 2016
1. Section.10 is related to Cyber Terrorism
2. Section.21 Humiliation of the Person
3. Section.22 Child Pornography

These all crimes fall under the category of non-cognizable that is Law Enforcement Agencies are authorized to begin the investigation and arrest the culprit without the earlier permission of the Magistrate. The above mentioned crimes are non-cognizable, bailable, and compoundable.

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