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FIA arrests man for trading Bitcoins in Peshawar

March 8, 2019
 

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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19 Comments

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

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

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

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

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

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

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

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

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

    I hate Pakistanis Politicians

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