Two Suspects Arrested in Pakistan For Dealing in Cryptocurrency

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Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
Two Suspects Arrested in Pakistan For Dealing in Cryptocurrency

  • Pakistan has imposed a ban on the usage as well as trading of cryptocurrency.
  • Due to the anti-terrorism law of the country, trading and dealing in cryptocurrency is prohibited.
  • The DPO of Shangla further added that the purchasing and trading of cryptocurrency prevented by the state bank of Pakistan.

As the news suggests by Samaa, the authorities in Shangla have arrested two cryptocurrency traders. This referred to as the country’s most prominent cryptocurrency firm in Khyber Pakhtunkhwa’s Shangla.

The security forces are staring that they have taken two men into custody for making and selling cryptocurrency. It has also come to notice that this mining firm had also been trading Bitcoins and received a commission.

These suspects who have been arrested and taken into police custody belong to Lahore and Okara. Pakistan has imposed a ban on the usage as well as trading of cryptocurrency.

There have been many reasons given for this. One of them suggests that it is not in compliance with the Islamic prohibition against interest. However, the Islamic banking industry has been considering various ways to be able to deal with cryptocurrency under sharia.

Due to the anti-terrorism law of the country, trading and dealing in cryptocurrency is prohibited. The DPO of Shangla addressing the issue said the firm was involved in the selling of cryptocurrency on websites and also took a commission.

As stated by him, they earned in dollars. Further, he also gave out information that the mining firm was being controlled online from x. The DPO of Shangla further added that the purchasing and trading of cryptocurrency prevented by the state bank of Pakistan.

He also added that the firm currently has 65 servers, and every server consists of 12 channels. Apart from that, he also said that the firm paid a monthly electricity bill which accounted for Rs20,000.

Muhammad Rizwan, who is the FIA’s assistant director of Cyber Crime, has also commented on this. He has stated that it was not the first time that these suspects have arrested.

It had happened before too. One of the suspects was arrested in Lahore in December in the year 2018. He had eight Bitcoin machines.

He further also explained that these Bitcoins had a worth of Rs2 million. Along with it, they also serve as a means of money laundering. However, he was granted bail in February 2019.

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