The National Assembly Standing Committee on Finance raised serious concerns on Thursday regarding the government’s decision to establish the Pakistan Crypto Council (PCC) and allocate 2,000 MW of electricity to crypto operations, despite cryptocurrencies being officially banned and not recognized as legal tender by the central bank.
The committee has called for all PCC members and Ministry of Energy officials to appear at the next session to clarify the government’s stance on cryptocurrency-related matters. Finance Secretary Imdadullah Bosal emphasized that cryptocurrencies remain illegal in Pakistan and lack recognition as legal tender.
Members noted the absence of any legal or regulatory framework governing crypto. Although there was an attempt to legalize cryptocurrency through amendments to the State Bank Act, no conclusive progress has been made.
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One member urged the government to issue a public warning advising citizens against investing in cryptocurrencies while they remain banned, stressing that any investment should be considered at the public’s own risk. Another highlighted that globally, cryptocurrencies are treated as commodities rather than currencies.
Committee members also questioned the logic behind allocating 2,000 megawatts of electricity to crypto mining while simultaneously declaring it illegal. They asked why the State Bank is not taking action and why the government continues to support such initiatives.
Concerns were also voiced over the credibility and influence of the PCC, with warnings that large amounts of dollars may eventually leave the country due to crypto activities.
The committee has demanded a detailed briefing from the Finance Minister, the Governor of the State Bank, and the Prime Minister’s Special Assistant Bilal Bin Saqib. The committee chairman stressed that until a proper regulatory framework is established and a final decision is reached, the government must clearly communicate its official position.
