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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: 3 years ago
Posted: Mar 8, 2019 | Last Updated: 3 years ago

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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