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ISLAMABAD: The National Assembly’s Standing Committee on Finance has expressed serious concerns over the evolving cryptocurrency policy in Pakistan, amid warnings of potential financial risks and unregulated activity. While the government explores initial legal and policy frameworks, lawmakers urged caution and clarity to prevent economic fallout.
On yesterday’s date, Bilal bin Saqib, the chair of the Pakistan Crypto Council and special assistant to the Prime Minister on cryptocurrency matters, announced in Las Vegas that Pakistan has officially declared Bitcoin as part of its strategic reserves. This decision follows the example set by the United States.
The standing committee, chaired by Nafisa Shah, discussed the current status of cryptocurrency and blockchain in Pakistan, noting that exaggerated narratives and media hype have fueled unrealistic expectations. Members warned that without a defined strategy, premature announcements on cryptocurrency could lead to financial instability.
Committee members questioned the role of Bilal Bin Saqib, recently appointed as Special Assistant to the newly formed Crypto Council. They demanded transparency on the Council’s mandate, noting that despite high-level meetings, no clear roadmap has been presented.
Finance Secretary Imdadullah Bosal informed the committee that the cryptocurrency policy in Pakistan remains in early stages, with the Ministry of Finance and regulatory bodies working to evaluate legal and technical aspects. The framework aims to address digital currency regulation, including collaboration with the State Bank and SECP.
State Bank officials clarified that digital currencies currently hold no legal status in Pakistan, and that all developments so far have occurred outside formal government endorsement.
Committee members also raised concerns over a reported allocation of 2,000 megawatts of electricity for crypto-related activity, calling for verification and justification of such resource deployment.
While some investors continue engaging in the crypto market, officials warned of potential losses running into billions if unchecked. The committee urged the government to move carefully, ensuring that the cryptocurrency policy in Pakistan is grounded in sound legislation, public awareness, and international best practices.
