The National Assembly Standing Committee on Finance strongly criticized the government’s decision to form the Pakistan Crypto Council (PCC) and allocate 2,000MW of electricity for cryptocurrency operations, despite the State Bank of Pakistan (SBP) banning digital assets and refusing to recognize them as legal tender.
Government Summoned for Clarification on Crypto Plans
The committee has summoned all members of the newly formed PCC, along with officials from the Ministry of Energy, to explain the government’s crypto mining and trading plans in the next session.
Finance Secretary Imdadullah Bosal reiterated that cryptocurrencies remain illegal in Pakistan and are not approved as legal tender. The committee highlighted that no regulatory framework exists for crypto, despite past attempts to amend the State Bank of Pakistan Act for legalization.
Crypto Risks & Government’s Contradictory Policies
A committee member urged the government to publicly warn citizens against investing in cryptocurrencies while they remain banned, emphasizing that any investment is at the public’s own risk.
Another member noted that globally, crypto is treated as a commodity, not a currency, raising concerns over Pakistan’s unclear stance.
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2,000MW Power Allocation Sparks Outrage
Members questioned why 2,000MW of electricity was allocated to crypto mining operations despite the government declaring it illegal. They demanded answers from the State Bank of Pakistan (SBP) and criticized the contradictory policies.
Fears of Dollar Outflow & PCC’s Credibility
A committee member cautioned that unchecked cryptocurrency trading could result in significant dollar outflows, potentially destabilizing Pakistan’s economy. Concerns were also raised about the PCC’s influence and legitimacy in pushing crypto adoption without legal backing.
Committee Demands Clarity from Top Officials
The panel called for a detailed briefing from:
- Finance Minister
- SBP Governor
- PM’s Special Assistant Bilal Bin Saqib
The committee chairman stressed that until a proper regulatory framework is established, the government must issue a clear public stance on cryptocurrency.
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