Islamabad, May 29, 2025: The National Assembly’s Standing Committee on Finance on Thursday strongly objected to the government’s decision to create the Pakistan Crypto Council (PCC) and assign 2,000 megawatts of electricity to crypto operations, even though digital assets remain banned and are not officially recognized by the State Bank of Pakistan.
During the meeting, the committee directed that all PCC members and representatives from the Ministry of Energy be summoned for the next session to explain the government’s intentions regarding digital currencies.
Finance Secretary Imdadullah Bosal reaffirmed that cryptocurrencies are illegal in the country and do not qualify as recognized legal tender.
Members of the committee noted that no clear legal or regulatory structure is currently in place. Though there had previously been an effort to legalize crypto through changes to the State Bank Act, no formal outcome was reached.
One member stressed that the government must issue a public warning against cryptocurrency investments, especially since digital assets remain banned. He urged authorities to make it clearly known that any involvement in crypto markets is entirely at the investor’s risk.
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Another committee member pointed out that many countries treat crypto assets as commodities, not as a medium of exchange.
Some lawmakers also questioned the inconsistency of allocating 2,000MW of power to crypto mining while the practice is deemed illegal. “If it’s banned, why is such a large energy share being provided? Why isn’t the central bank intervening? What is the government’s actual stance?” one member asked.
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Doubts were also raised about the legitimacy and authority of the newly formed PCC. One member warned that unregulated crypto activity could lead to dollars flowing out of the country.
The committee insisted on a detailed briefing in the next meeting from the Finance Minister, State Bank Governor, and the Prime Minister’s Special Assistant, Bilal Bin Saqib. The committee chair emphasized that until a final policy and legal structure are in place, the government must announce a clear position on the matter.
