Members of the Senate Standing Committee on Information Technology and Telecommunication have raised serious questions about the legal status and parliamentary oversight of the recently established Pakistan Crypto Council. The committee, chaired by Senator Palwasha Khan, expressed concern over the council’s formation without explicit parliamentary approval, with one senator quipping, “It’s like having children before marriage,” drawing laughter from the room.
During a briefing, the IT Secretary explained that the Crypto Council had been approved by the Prime Minister and would serve as an advisory body under the Finance Ministry. However, Senator Kamran Murtaza pressed for clarity on whether the council had received the necessary parliamentary nod, warning that the move could open the door to new forms of fraud. Other committee members echoed these concerns, cautioning that the absence of a robust legal framework could expose citizens to significant risks.
The IT Secretary attempted to reassure the committee, stating that the council is currently only advisory and that all legal requirements would be met before any formal decisions are made. Despite these assurances, skepticism lingered among committee members.
Confusion also surrounded the Terms of Reference (TORs) for the council. The IT Secretary revealed that the Ministry of IT had no involvement in drafting the TORs, which were instead issued by the Ministry of Finance. This revelation sparked further concerns about the IT Ministry being sidelined, with Senator Afnan Ullah noting that the Digital Authority and Telecom Authority had already been placed under the cabinet, and now the Crypto Council was being shifted to the Finance Ministry.
Committee members also questioned the State Bank’s role in currency regulation and whether the Finance Ministry was equipped to handle the complexities of crypto-related matters. The IT Secretary clarified that the Ministry of IT is not responsible for regulating currency or social media, responsibilities that now fall under the Ministry of Interior and the FIA.
In response to these unresolved issues, the committee has summoned officials from the Ministries of Law and Finance to provide a comprehensive briefing on the Crypto Council at its next meeting.
