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ISLAMABAD: A meeting of the Senate Standing Committee on IT & Telecom was held to address concerns over cryptocurrency regulation, with several members raising questions about the legality and formation of the recently established Pakistan Crypto Council (PCC).
Senators Humayun Mohmand and Kamran Murtaza expressed strong reservations regarding the council’s legal standing. They questioned whether Parliament had been taken into confidence before the formation of the body and whether there was any legal authority behind its establishment.
Responding to the queries, the Secretary IT & Telecom clarified that the Finance Minister serves as the Chairman of the National Crypto Council, while he, as the Secretary IT, is a member. He further explained that the Pakistan Crypto Council functions merely as an advisory body and was constituted to assist in shaping the framework for cryptocurrency regulation.
Senator Kamran Murtaza asked whether a council could be formed solely through an executive order by the Prime Minister, stressing that every such body should be backed by legislation.
Senator Afnanullah expressed his frustration, stating he had presented a bill on digital assets in Parliament after dedicating three months to its drafting. However, he said the government dismissed his bill and proceeded to form the Crypto Council instead.
The Senate meeting comes shortly after the International Monetary Fund (IMF) raised concerns over the government’s recent decision to allocate 2,000 megawatts of electricity for cryptocurrency mining and AI data centers. The development has intensified the debate around the legal and regulatory framework for cryptocurrency regulation in Pakistan, prompting calls for greater transparency and parliamentary oversight.
