ISLAMABAD: The federal government has formally established the Pakistan Crypto Council under the directives of Prime Minister Shehbaz Sharif, aimed at developing a regulatory and operational framework for cryptocurrency in the country, the National Assembly was informed on Friday.
Responding to queries during the question hour, Federal Minister for Parliamentary Affairs Tariq Fazal Chaudhry said that the move seeks neither to promote nor to discourage the use of cryptocurrency, but to bring it within the ambit of a structured legal system to ensure transparency and prevent potential misuse.
“Cryptocurrency is a relatively new phenomenon in Pakistan. Rather than allowing ad-hoc practices, the government is working to regulate crypto-related activities through formal and lawful mechanisms.”
Cabinet formally approves summary of PVARA
He added that the framework being developed would help curb the risk of illegal transactions and financial crimes.
The minister stated that, at present, there is no evidence to suggest that digital currencies are being used for hawala or other illicit financial activities within the country. “Crypto transactions have not yet penetrated the formal financial system in any significant way. However, the framework is being introduced to mitigate any potential misuse in the future,” he said.
Chaudhry noted that the government has tasked a special assistant to the prime minister with overseeing the formulation of cryptocurrency policy, ensuring it aligns with international standards and evolving technological requirements.
He also stressed Pakistan’s commitment to integrating emerging technologies such as Artificial Intelligence (AI) into governance and economic systems, saying that global digital transformations demand adaptive responses. “We are providing uninterrupted electricity and infrastructure support to technology-driven sectors and IT-related installations,” he added.
On a separate note, the minister assured that all financial reforms would remain in accordance with Islamic principles, recalling the precedent set by the adoption of interest-free Islamic banking as an alternative to conventional finance. Lawmakers were invited to submit suggestions to help shape the regulatory process, with Chaudhry assuring that all input would be examined by the relevant authorities.
In response to a question from MNA Ali Muhammad Khan of PTI regarding GDP growth and overall economic performance, the minister said that the government remains focused on achieving macroeconomic stability and attracting both domestic and foreign investment.
He cited recent cabinet briefings which showed a surge in foreign remittances – the highest in two years – as an encouraging sign. “Despite prevailing economic challenges, capital inflows into Pakistan are on the rise, and international investors continue to express confidence in the country’s economy.”
The government, he added, is actively working to enhance the ease of doing business and ensure a secure investment climate. Relevant economic data, including charts detailing inflows and outflows, would be made available for parliamentary review. “The objective is to strengthen investor confidence, improve the business environment, and lay the foundation for sustainable economic growth.”
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.