ISLAMABAD:
Federal Minister for Parliamentary Affairs Dr. Tariq Fazal Chaudhry on Friday informed the National Assembly that the government has formally established the Pakistan Crypto Council to develop a regulatory and operational framework for cryptocurrencies in the country.
Answering questions during question time, the minister clarified that the government does not intend to promote or discourage cryptocurrencies, but rather aims to regularize them and channel them under a structured legal system to prevent misuse and ensure transparency.
He explained that cryptocurrency is a relatively new concept in Pakistan and the government prefers to handle it through appropriate institutional mechanisms rather than ad hoc measures. “We are working to ensure that cryptocurrency-related activities are regulated in a formal, transparent and legal manner. The framework being developed will help prevent misuse, including illegal transactions,” he said.
Responding to another question, he said that there is currently no evidence of cryptocurrencies being used for hawala or other illegal financial activities in Pakistan. “Crypto transactions are not prevalent in the local financial system. However, the framework is being established to prevent any potential misuse in the future,” he added.
Dr. Fazal Chaudhry said emerging technologies like Artificial Intelligence (AI) and other digital innovations are being incorporated into governance and business systems across the world, and Pakistan is aligning itself with these modern trends.
He said uninterrupted electricity and necessary support is being provided to IT-related facilities and technology-driven sectors.
He further informed the House that a Special Assistant to the Prime Minister has been tasked with overseeing cryptocurrency policy formulation to ensure alignment with global standards and technological requirements.
The minister said all financial reforms will comply with Islamic principles, recalling similar concerns raised when Pakistan introduced interest-free Islamic banking as an alternative to conventional banking.
He invited legislators to share input and observations to strengthen the ongoing regulatory process, ensuring that all comments would be reviewed by the relevant authorities.
Replying to another question from MNA Ali Muhammad Khan on GDP growth and economic performance, Chaudhry said the government remains committed to ensuring economic stability and attracting foreign and local investments.
He cited encouraging economic indicators from recent cabinet meetings, including record inflows of foreign remittances over the past month, the highest in two years.
“Despite economic challenges, capital inflows into Pakistan are increasing and foreign investors continue to show confidence in the country’s economy,” he said. The minister added that the government is taking all possible measures to facilitate investors, improve ease of doing business and provide a safe environment for investments.
Chaudhry added that relevant data and graphs related to economic inputs and outputs are available for detailed review. “The government’s goal is to strengthen the investment climate, provide a sense of security to investors and create a business-friendly environment that supports sustainable growth,” he added.
