As Bitcoin and cryptocurrency are completely declared as illegal in Pakistan by State Bank of Pakistan in April 2018.
Federal Investigation Authority FIA Pakistan and local shangla police jointly raid on cryptocurrency mining firm to arrest and cease the mining rigs to stop working as a Bitcoin mining business in Pakistan province Khyber Pakhtunkhwa KPK district shangla area of Shah Pur.
FIA and shangla local police jointly arrest 2 persons as an owner of firm and involvement in Bitcoin mining.
Bitcoin & Cryptocurrency Mining
The process of Bitcoin and other cryptocurrency mining is a process in which Cryptocurrencies were mined in which are working on the proof of work consensus algorithm which will mine through GPU computer powers and take electricity power also having costly equipment of graphic cards and computer equipment.
Bitcoin and cryptocurrency mining itself is not dangerous for country’s economy and it not mean a way of money laundering but mostly countries government laws declared it as illegal by the label of money laundering and illegal transfer of money but itself it is a type of money-making job done by computers and the owner can make money and also could be a source of foreign currency receiving in his own country and in actual its beneficial for country who is supporting this kind of business.
Bitcoin and cryptocurrency mining is based on blockchain technology which can support the network for peer to peer transactions done by global people who are using the network independently.
According to Pakistan’s local TV channel Media news source, they have released that the mining firm consists of 84 or another source that 64 mining rigs which have different mining software were running on the computer systems which were are costing around 64,000 of PKR electricity consumption.
The country Pakistan is not gonna legalizing Bitcoin and cryptocurrency trading and mining because they don’t believe in cryptocurrency technology for p2p money transfer but the Government supports the digital payments through centralized channels in the mean of Easypaisa JazzCash and traditional banking centralize government own systems.
The two persons one of them belongs to Lahore and the other one belong from okara Punjab Pakistan.
FIA Federal investigation Authorities assistant director of cybercrime Mohammed Rizwan said that suspects who are caught now were already had been involved and arrested in this case but got bail in Feb 2019 before with eight Bitcoin mining rigs from Lahore in 2018 December.
Mr. Waqar Zaka reality shows host social activist & cryptocurrency awareness starter had already lodge case in Sindh High Court for cryptocurrency legalization and blockchain and cryptocurrency regulation.
I filled a case in High court for asking State Bank why they banned #cryptocurrency in Pakistan when the world is allowing it, Case is admitted, I bet that FBR, FIA will be trying to put false charges so I cannot appear in next hearing @ImranKhanPTI @ArifAlvi pic.twitter.com/QwYRuW7vtU
— Waqar Zaka (@ZakaWaqar) November 13, 2019
Waqar Zaka cryptocurrency early holder video posted on his Twitter doing cryptocurrency arbitrage trading on yobit and cryptopia in the Crypto bull run phase January 2018.
— Waqar Zaka (@ZakaWaqar) January 17, 2018
Globally cryptocurrency and blockchain community is growing day by day and people like to get knowledge about information technology and latest ideas, concepts bringing in the technology world and also want to adopt the latest decentralized way of lifestyle and systems.
Different countries’ governments have different rules about cryptocurrencies and blockchain technology so here now in 2020 when Facebook will launch his Libra so what happens about Facebook libra either they banned Facebook in his country or what they will do what people react upon Libra the time will show clearly.
What’s your opinion about government regulation rules and decentralized economy.