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FIA arrests man for trading Bitcoins in Peshawar

Two students were also taken into custody but later released

SAMAA | - Posted: Mar 8, 2019 | Last Updated: 2 years ago
Posted: Mar 8, 2019 | Last Updated: 2 years ago
FIA arrests man for trading Bitcoins in Peshawar

Two students were also taken into custody but later released

Photo: AFP

The FIA arrested one person from Peshawar on Friday for trading Bitcoins.

It also took two suspects into custody but later released them. The two suspects were students and were released after an inquiry.

They were told that using Bitcoin — an online crypto-currency — is illegal in Pakistan, FIA’s Cyber Crime Additional Director Qazi Hameed said. He said that neither student took any money from the public.

Bitcoin is a type of crypto-currency that allows peer-to-peer transactions. Crypto-currency is a medium of exchange and digital money that works using blockchain technology. Blockchain is a virtual ledger where digital transactions are stored.

Related: 3,236 written cybercrime complaints were registered in Sindh in 2018

There is no awareness about Bitcoin in Pakistan, said Hameed. “Bitcoin is a digital currency and it is not accepted by any central bank. It does not have a legal entity. People are getting to know about it through social media and investing in it,” he said.

He advised people not to invest in Bitcoin, as it is a risky mode of investment and said that the FIA is notifying the public about it on different forums.

The FIA stated that the State Bank has given it information about 14 people involved in the Bitcoin business in Khyber Pakhtunkhwa. Those people will be investigated, it said.

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  1. Dr Khan  March 9, 2019 7:40 am/ Reply

    FIA is in pursue of people like students,they cant follow whales of our society..however Pakistani economists don’t know about Butcoin so call it illegal..

  2. Imnotsupposedtotellu  March 9, 2019 10:23 am/ Reply

    They can only, investigate and apprehend students and very young guys eager to know abou blockchain, ehat FIA cant do is to track zardari and nawaz illegal money. 1 trillion dollar being laundered every year, bitcoin is only a 1% of money being laundere6

  3. Sher  March 9, 2019 12:15 pm/ Reply

    Why not pm imran khan to regulate the crypto currency it’s a big business.

  4. Countrysupporter  March 9, 2019 12:59 pm/ Reply

    FIA. NAB. FBR is only for poor people and for those struggling to improve their ecnomic condition to survive in that high inflation rate. What people do to survive, is there any policy built by those institutes for medium and low class people. Do best for people not for thr state,m. When people uplifted so country automatically uplifted.

  5. ZEESHAN  March 9, 2019 1:35 pm/ Reply

    Bravo to FIA for arresting such big criminals. I am happy to see that all other crimes in Pakistan are dealt with and now we are arresting students for getting to know about bitcoin

  6. Iliterat Pakistani  March 9, 2019 3:00 pm/ Reply

    Guys don’t worry,
    Just like you pay some fees for smuggled phones, same way start paying to FIA. LIKE 5% of your trade. Believe me they won’t touch you. Pakistani currency have lots of power, more than bitcoin

  7. Anonymous  March 9, 2019 4:14 pm/ Reply

    bitcoin business is a net of rich countries to make more poor to developing countries

  8. Waseem Hassan  March 9, 2019 5:12 pm/ Reply

    Good job FIA plz take more action against these fake company like pay daimond .

  9. Asif  March 9, 2019 5:52 pm/ Reply

    This is all rubbish, FIA only watch poor account holders, not a huge money launder account….unfortunately all forces in Pakistan are on the working to investigate poor people not a rich ones…..

  10. Jamal  March 9, 2019 6:27 pm/ Reply

    The world is moving over to bitcoin. Countries like Venezuela have adopted bitcoin as formal currency and we are arresting people for bitcoin trading. What a shame. When Pakistan will come out of this dark age?

  11. Shawal Khan  March 9, 2019 10:17 pm/ Reply

    Why bitcoin is illegal in Pakistan?? Every country allow bitcoin even China but our country is always far behind from world

  12. Teri maa ka ywr  March 9, 2019 11:57 pm/ Reply

    So why PIAIC SYLANI COURSE taken blockchain cources?? Its fake news

  13. Lakshmi  March 10, 2019 8:06 am/ Reply

    That’s a BIG achievement if FIA. Catch everyone smarter than them and stop everything that they don’t understand. Keep up the good work.

  14. Fareed Ahmed  March 10, 2019 12:06 pm/ Reply

    Actually I want government to launched Pakistani own crypto currency while we have seen Saudi Arabia and united Arab Emirates both launching crypto currency of their own….now this is the time to join this crypto club don’t be too away to the world…this is suggestion not order…..I really think after ten years there will be range of crypto currencies through out the world…we should think now to participate and make our own crypto currency I think it’s future’s need….

  15. Usama  March 10, 2019 12:30 pm/ Reply

    Our country is 50 years behind from the world. The big whales like ministers and businessmen have invested and gaining profits from crypto currency and FIA is arresting students just because they had learned something.

  16. Anonymous  March 10, 2019 4:49 pm/ Reply

    i dont know how to work FIA .??… Pakistan already start a blockchain system with Malaysia so why FIA Arrest the students or other one ..

  17. Shakir khayyam  March 10, 2019 4:50 pm/ Reply

    That is not right to arrested those people who are struggling for his study and aslo know about cryptocurrency because that new generation is the future of Pakistan.
    That is better to know about cryptocurrency because now that was need of our society. And really shame of Pakistani FIA. Because they arrested only poor people in society and those people who are struggling for problems solving and FIA officer is also come………… sorry i don’t say more about it

  18. Sameer  March 10, 2019 9:51 pm/ Reply

    Easy to grab a graduate or student trying to make some money investing in crypto currency. But no willingness to grab the real money laundrers. This nonsense must stop. At one end you are banning crypto currency and on the other end you are teaching blockchain…that too by a government funded stipend.

  19. Asif Ali  June 13, 2019 5:11 pm/ Reply

    I hate Pakistanis Politicians

  20. Anonymous  October 30, 2019 4:26 am/ Reply

    meray khial se pakistan ko mars ya jupiter par shift kar dena chaea wese bhi duniya se 100 saal peche ha

  21. dexter  November 17, 2019 1:24 pm/ Reply

    they are doing murder of growing technology in Pakistan and it is future

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