Pakistan, the Ostrich Strategy, Crypto-Mania and FATF.

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Pakistan, the Ostrich Strategy, Crypto-Mania and FATF.

Read until end and you are allowed to disagree.

Why investors in Pakistan should be careful while throwing away their hard-earned money and why not regulators in Pakistan ignore the grave consequences of this Crypto Revolution. There are two parties to this newly emerging drama. The investors- who are mostly jobless youth or those who wish to double their money/assets without putting in efforts etc.- and the Regulators- who are not free in decision making and policy formulations.

Investors need to very prudently think of their investment being thrown away.

Threats are, whom they are giving their money and where is the money they give away invested by the company? (religiously talking, how is the investment used, who is pocketing their money? Where is it used or spent? It is a halal company or pro-Muslim company or anti-Muslim company?)

Lets educate you.

Dark Web (black market)

Cryptocurrencies are popular on the dark web (Web dealing in black markets, selling or brokering transactions involving drugs, cyber-arms, weapons, counterfeit currency, stolen credit card details, forged documents, unlicensed pharmaceuticals, steroids, and other illicit goods as well as the sale of legal products) because they provide a convenient method of obfuscating identities and transaction details. In August 2017, it was reported that bitcoin, monero, and ethereum were the preferred coins to conduct dark web transactions. (www.investopedia.com/news/litecoin-gains-ground-bitcoin-dark-web)

Neither does a secular country nor any of the Muslim country allows these illegal and illicit activities. Also, if investors giving away their hard cash to buy crypto currency (question is how is it ensured that if they wish to unsubscribe, how will they be paid back and who is the guarantor?

For example,

Double-Shah, an individual who promised his investors that their money will be doubled and they will continue to receive profit against their investment (nobody asked where their money will be kept or sent to or invested in?). This was first domestically followed and countless ppl throw away their hard-earned investment hoping that they, without laboring, could become rich. This Double-Shah ran away with the entire investment of investors. After years of struggle, he was arrested and plea bargain took place. He died in prison- nobody knows cent percent truth- Money he took was not recovered and countless lower and middle classes suffered.


So, double-Shahs (scammers and looters) are out there and ppl are falling prey to their traps. Ring Road Scam involving housing societies including Blue World City are no exception to it. (Read Javid Chaudhary’s latest column on Ring Road Scam).

To sum it up,

Both investors and the concerned quarters (Govt) need to be careful while dealing with Crypto thing. Laws and regulations are needed to regulate and filter Crypto-Currency Mania. FATF’s conditions pertaining to curbing Money Laundering and Terror Financing are directly related to Crypto Currency. Money transferring is not regulated (Money laundered goes scot free) and who is paying who for what (Terrorists getting paid by foreign agencies can’t be detected). The last thing that is done to destroying Pakistan’s existence would be allowing Crypto-Currency to dominate her financial sector. As per Pakistan’s constitution provinces are only sovereign in certain matters related to empowering and uplifting their people but this does mean that a province start putting life and assets of the people at stake. Pakistan has been struggling hard to catch up the conditions and regulations of FATF and she has so far done everything to satisfy the task force. The concerned quarter must know that if money laundering and terror financing once again gets clean chit through crypto currency, black listing and then becoming a rogue nation is awaiting her. This would be the last mistake committed by Pakistan towards bankruptcy.  

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