The National Assembly Standing Committee on Finance raised serious concerns on Thursday over the government’s decision to establish the Pakistan Crypto Council (PCC) and allocate 2,000 megawatts of electricity to crypto operations, despite digital assets remaining officially banned and unrecognized by the State Bank of Pakistan.
During the meeting, the committee summoned all members of the newly formed PCC and officials from the Ministry of Energy to appear at the next session and clarify the government’s stance and plans regarding cryptocurrencies.
Finance Secretary Imdadullah Bosal reiterated that cryptocurrencies are still illegal in Pakistan and are not recognized as legal tender. The committee noted that no legal or regulatory framework currently exists for digital assets. While there was an attempt to legalize crypto through amendments to the State Bank Act, no definitive progress has been made.
One committee member urged the government to publicly warn citizens against investing in cryptocurrencies while the ban remains in place, emphasizing that any investment in digital assets is at the public’s own risk. Another member pointed out that, globally, crypto is generally treated as a commodity rather than a currency.
Several members questioned the apparent contradiction in government policy, highlighting the allocation of 2,000MW of electricity to crypto operations while maintaining that the sector is illegal. They also questioned why the State Bank is not more actively involved and why the government is pushing forward with crypto initiatives under these circumstances.
Concerns were also raised about the credibility and influence of the PCC, with one member warning that unchecked crypto activity could lead to capital flight from the country.
The committee demanded a comprehensive briefing from the Finance Minister, the central bank Governor, and the Prime Minister’s Special Assistant Bilal Bin Saqib. The chairman stressed that until a regulatory framework is established and a final decision is made, the government must issue a clear and unambiguous position on the status of cryptocurrencies in Pakistan.NA Panel Accuses Govt of Illegal Crypto Launch in Pakistan
