The popular cryptocurrency, Bitcoin, has once again become the talk of the town! Earlier, Bitcoin touched a new value shooting to $4,000 directly from its old value which was just $570!
Now, the new value of a single Bitcoin has touched over $6,000! Pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies.
However, the virtual currency is illegal in Pakistan and those who will be found with ownership of it will have to face serious consequences by the court. The State Bank of Pakistan (SBP) does not recognise cryptocurrencies, such as Bitcoin.
Earlier, the Federal Investigation Agency (FIA) launched action against OneCoin and Bitcoin. According to the report of a regional channel, FIA, after receiving a statement from State Bank of Pakistan (SBP), is going after OneCoin and Bitcoin.
Initially, FIA will take action in Lahore and later it will be countrywide. Exact reasons for this action against OneCoin and Bitcoin have not been made clear.
Interestingly, PITB is supporting an event “Earn with Bitcoin” at Arfa Kareem Technology Park, Lahore. At the event, attendees are being taught about Blockchain and earning through bitcoin mining. Apparently, there is a lot of disparity within various government organizations about supporting cryptocurrency.
According to the tax official, the trade of bitcoin is on the rise in Pakistan. The initial inquiry revealed that bitcoin is being traded mostly against cash in the country. Therefore, an in-depth probe is being carried out to gauge the actual quantum of bitcoin trading and scrutinise whether its income is being properly reported under the tax laws.
Do NOT buy or trade in Bitcoin!