The National Assembly Standing Committee on Finance on Thursday seriously questioned the government’s decision to form Pakistan Crypto Council (PCC) and allocate 2,000MW electricity despite the digital asset being officially banned and not recognized by the central bank as legal tender.
The meeting summoned all members of the newly formed PCC and officials from the Ministry of Energy for the next session to clarify the government’s crypto-related plans.
Finance Secretary Imdadullah Bosal also pointed out that cryptocurrencies remain illegal in Pakistan and are not recognized as legal tender.
The committee recalled that no legal or regulatory framework currently exists. An attempt was made to legalize crypto by amending the State Bank Act, but nothing definitive exists to discuss it.
One committee member urged the government to publicly caution citizens against investing in crypto while it’s still banned. He said the government should clearly state that investment in cryptocurrencies is at the public’s own risk.
Another member said that globally, crypto is treated as a commodity, not a currency.
Other members also argued that 2,000 megawatts of electricity had been allocated to crypto operations. They complained that on one hand authorities say it’s illegal and on the other, their allocating power. Why isn’t the State Bank looking at it, and why is the government pushing it, they questioned
Concerns were also raised about PCC’s credibility and influence. After some time, dollars will start flowing out of the country due to crypto, another member warned.
The committee demanded a comprehensive briefing from the Finance Minister, central bank Governor, and the Prime Minister’s Special Assistant Bilal Bin Saqib. Until a regulatory framework is in place and a final decision is made, the government must issue a clear position, the committee chairman added.
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Too late now . Crypto is a fraud . It doesn’t help anyone
We need supply chains and better employment opportunities instead of crypto scams
u have lack of knowledge. please upgrade yourself.
this is just a money laundering scam. They plan to take money abroad and Crypto is the easiest way
Blockchain is traceable and transparent, making fraud and laundering harder, not easier.
agree 100%
Agreed, govt is doing everything in haste he has inducted a politically inducted person as head of Crypto, people should be careful, the Crypto is only here to take out the wealth from the wealthy class to the pockets of inventors ultimately West and it’s illicit child Israel.
Isn’t it our foremost obligation to confirm if the crypto business is legitimate (halal) by consulting Islamic Ideological council and learned Islamic scholars?