KP dissolves advisory committee on cryptocurrency

The Khyber-Pakhtunkhwa government has dissolved the Advisory Committee on Digital Assets as the decision on digital currency can only be taken by the federal government.

The KP government launched Pakistan’s first advisory committee for cryptocurrency and crypto mining, marking a major step for the province’s plans on formulating a set of laws to regulate the use of cryptocurrency and crypto mining.

An inaugural meeting of the committee was held as well.

However, as per the Science and Technology Department of the province, the federal government has the prerogative over digital currency and therefore, the decision on digital currency and cryptocurrency will be taken by the centre as well.

“As per provisions of the Fourth Schedule, Article 70 (4) clause (8) currency, coinage and legal tender on the Federal Legislative List Part 1 of the Constitution of Pakistan is the sole prerogative of the Federal government. The currency includes metal, paper, plastic, digital etc… Whereas, the Digitization including Information Technology is the mandate of the IT board is being carried out by the Khyber Pakhtunkhwa IT Board,” read the notification.

Therefore, the Advisory Committee formed on 9th February, 2021 is withdrawn and the sub committees formed as a consequence stand dissolved.

It added that the matter of Digital Assets at allied matters will be submitted for consideration of the Provincial Cabinet as per the rules of business of the provincial government. The statement said that Science and Technology Advisor Ziaullah Bangash has also resigned.

It should be noted that media personality Waqar Zaka and other provincial members were among the members of the Advisory Committee.