Senate panel expresses concerns over Crypto Council, summons top officials

ISLAMABAD: The Senate Standing Committee on IT and Telecom has expressed concerns over the recently formed Crypto Council and has summoned officials from the Ministry of Finance for a brief at the next meeting.

According to sources, the committee meeting, chaired by Senator Palwasha Khan, was held at Parliament Lodges. During the session, the IT and Telecom secretary briefed the committee on the regulation of cryptocurrency.

Several members of the committee raised concerns over the composition and legal basis of the Crypto Council.

Senators Humayun Mohmand and Kamran Murtaza questioned the legal complexities surrounding the council.

In response, the IT and Telecom secretary clarified that the finance minister is the chairman of the National Crypto Council, while he (the secretary) serves as a member of the council in his capacity as IT secretary.

Senator Afnan Ullah said that he had previously introduced a bill in Parliament on digital assets after three months of work, but the government scrapped it and instead formed the council without consultation.

The IT secretary further explained that the Pakistan Crypto Council is merely an advisory body and the Ministry of IT and Telecom was contributing only in its relevant capacity. He emphasised that the ministry’s role was not to regulate.

Senator Humayun Mohmand asked whether a council can be formed through an executive order of the prime minister.

Senator Kamran Murtaza said that every council must have a legal foundation. “Is there any law backing the Crypto Council?” he questioned. “If a major fraud or scam occurs, who will be held accountable? What will be the legal standing if a crypto-related issue arises in the country?”

Senator Afnan Ullah remarked that the Crypto Council should have been placed under the Ministry of IT and Telecom.

“The finance ministry is not even handling its own matters properly — crypto falls under the IT domain,” he asserted.

Subsequently, the committee summoned the finance ministry officials at the next meeting.