Govt Forming Pakistan Crypto Council is Like Having Children Before Marriage: Senate Panel

Members of the Senate Standing Committee on Information Technology and Telecommunication voiced serious concerns over the recently established Pakistan Crypto Council, questioning its legal foundation and lack of parliamentary approval. One senator humorously remarked, “It’s like having children before marriage,” drawing laughter from the room. The committee, chaired by Senator Palwasha Khan, was briefed by the IT secretary, who said the council had been approved by the Prime Minister and would function as an advisory body under the Finance Ministry. Senator Kamran Murtaza questioned whether the council had received parliamentary approval, warning that the move could bring new forms of fraud. Other members echoed concerns that, without proper legal frameworks, the council could expose citizens to significant risks. The IT Secretary clarified that the Crypto Council is currently an advisory body and that all legal requirements would be fulfilled before any formal decisions are made. However, the committee was not convinced. Further confusion arose over the Terms of Reference (TORs) for the council. The IT Secretary stated that the Ministry of IT had no role in drafting the TORs, which were instead included in a notification from the Ministry of Finance. This led to concerns that the IT Ministry was being sidelined, with Senator Afnan Ullah pointing out that the Digital Authority and Telecom Authority had already been placed under the cabinet, and now the Crypto Council was being handed over to the Finance Ministry. The committee also questioned the role of the State Bank in regulating currency and the capacity of the Finance Ministry to handle crypto-related matters. The IT Secretary emphasized that the Ministry of IT cannot serve as a regulatory body for currency or social media, which now falls under the Ministry of Interior and the FIA. In light of these concerns, the committee summoned officials from the Ministries of Law and Finance to provide a detailed briefing on the Crypto Council at the next meeting.