The federal government has officially set up the Pakistan Crypto Council to create a regulatory and operational framework for cryptocurrency, the National Assembly was told on Friday. The move follows directives from Prime Minister Shehbaz Sharif.
Federal Minister for Parliamentary Affairs Tariq Fazal Chaudhry said the council’s goal is to integrate cryptocurrency into a legal structure that promotes transparency and prevents misuse, without encouraging or discouraging its use.
He explained that since cryptocurrency is still new in Pakistan, the government aims to replace ad-hoc practices with a lawful system to curb risks such as illegal transactions and financial crimes. While there is no evidence that digital currencies are being used for hawala or other illicit activities, the new framework seeks to prevent potential misuse.
A special assistant to the prime minister has been appointed to oversee the policy, which will align with international standards and modern technological trends. The government also plans to incorporate emerging innovations like Artificial Intelligence into governance and economic planning.
Chaudhry emphasized that all financial reforms, including crypto regulation, will adhere to Islamic financial principles, similar to the model of interest-free banking. Lawmakers were invited to contribute suggestions for shaping the regulatory process.
He added that despite economic challenges, Pakistan’s economy is showing signs of recovery, citing the highest level of foreign remittances in two years and increasing investor confidence. Ongoing efforts are focused on improving the ease of doing business and ensuring a stable investment environment.
In latest developments, Pakistan Explores Fresh Economic Prospects with New Crypto Policy
