Islamabad: The Federal Board of Revenue’s (FBR) anti-money laundering cell of the Directorate General of Intelligence and Investigation, Inland Revenue ((I&I-IR) on Wednesday has started an in-depth probe into the financial affairs of investors who hold large amounts of investments in digital currencies like bitcoin.
As per the Anti-Money Laundering Act 2010, tax evasion is a predicate offence. Trading of digital currencies like bitcoin and other cryptocurrencies is not recognized by the State Bank of Pakistan.
According to a senior tax official, people are investing in digital currencies like bitcoin to secure their black money and keep it out of the country. He also mentioned that bitcoin trading was on the rise in Pakistan and it is mostly being traded against cash according to initial investigation. In December alone according to an online survey, bitcoin trading had gone up by 400pc in Pakistan.
The official also mentioned that an in-depth probe is being carried out to actually know the extent of bitcoin trading going on in the country.
