ISLAMABAD: The Pakistan Telecommunications Authority (PTA) has decided not to block cryptocurrency websites immediately, while terming legal reference weak, it is learnt. Official sources revealed that cryptocurrency websites cannot be blocked only on the basis of the State Bank of Pakistan (SBP) circular.

According to sources, the Federal Investigation Agency (FIA) had written a letter to the PTA about a month ago to block more than 1,500 websites trading in cryptocurrencies and digital currencies.

In response to the letter from the FIA, the PTA has responded that websites dealing in cryptocurrency and other digital currencies could not be blocked immediately.

According to the PTA officials, advice has been sought from the Ministry of Information Technology and Telecommunication in this regard. The FIA had recommended the PTA for blocking around 1,540 such websites; however, the PTA responded that not all websites can be shut down based on a circular issued by the SBP, unless a mechanism is put in place to block websites.

The FIA has been asked to provide concrete evidence for blocking websites, the PTA officials added.

Copyright Business Recorder, 2022