FIA springs into action against cryptocurrencies, one held

03:22 PM | 10 Feb, 2018
FIA springs into action against cryptocurrencies, one held
LAHORE – Federal Investigation Agency has launched operations against the people dealing in the cryptocurrencies (Bitcoin and Onecoin).

According to TechJuice, FIA has rounded up a suspect involved in the illegal business and started the investigation to trace the others. The police also recovered a mobile phone and laptop from the possession of the accused.

The State Bank of Pakistan (SBP) has reportedly stated that both the digital currencies do not come under the tax net, therefore, should be considered “illegal”.

It’s not the first time, FIA took such action against Bitcoin and OneCoin. The agency took similar steps for the same digital currencies, back in August 2017. However, no one was detained then.

Cryptocurrency has always been in hot waters as it could be used for money laundering, tax evasion, and various other criminal activities.

Another reason for FIA’s current action, as the original news infers, could be the cryptocurrencies’ involvement in the notorious Dark Web. Also known as the deep web, it is the center of the world’s darkest illegal activities involving pedophiles, murderers and terrorists.

Earlier this week, Bitcoin dropped below $6500. On the other hand, OneCoin is really a Ponzi Scheme, Bulgaria also joined ‘international operation’ against OneCoin, past month.