ISLAMABAD – The National Assembly Standing Committee on Finance and Revenue has expressed concerns over the government’s decision to form Pakistan Crypto Council (PCC). The standing committee, chaired by Nafisa Shah, discussed the current status of cryptocurrency and blockchain in Pakistan, noting that exaggerated narratives and media hype have fueled unrealistic expectations. The committee has asked the government to publicly caution citizens against investing in crypto while it’s still banned. The government should clearly state that investment in cryptocurrencies is at the public’s own risk.
A committee member said that globally, crypto is treated as a commodity, not a currency. Other members also argued that 2,000 megawatts of electricity had been allocated to crypto operations. They complained that on one hand authorities say it’s illegal and on the other, they are allocating power. “Why isn’t the State Bank looking at it, and why is the government pushing it?” they questioned. The committee demanded a comprehensive briefing from the finance minister, central bank governor, and the Prime Minister’s Special Assistant Bilal Bin Saqib.
Finance Secretary Imdadullah Bosal also pointed out that cryptocurrencies remain illegal in Pakistan and are not recognized as legal tender. The Committee considered “The Income Tax (Second Amendment) Bill, 2025”. The Committee expressed concern over the second proviso of the newly inserted clause (3A). The Secretary Revenue assured the Committee that the concerns of the members would be addressed and that the words “and shall cease to have effect after tax year 2025” would be deleted. Upon the assurance given by the secretary revenue, the committee recommended that the Bill, as amended, may be passed by the Assembly.
The Report on the “non-implementation of minimum wages, as announced by the Federal Government in its departments”, a matter raised by Syed Rafiullah, MNA and referred by the Honourable Speaker, was also deferred due to the absence of the mover.
The committee took up several representations by industry stakeholders, including the Oil Refining Industry Association, regarding proposals for taxation reforms in Sales Tax; Pakistan Fruits and Vegetable Exporters, Importers & Merchant Association (PFVMA); Pakistan Fruit Juice Council (FJC); and the Writing Instruments Manufacturer Group of Pakistan, regarding proposals for excise duty reforms. The Committee directed the Secretary, Revenue Division, to arrange personal hearings for the delegations to thoroughly consider their proposals.
The meeting was attended by the following Members of the National Assembly: Omar Ayub Khan (via Zoom), Rana Iradat Sharif Khan, Syed Sami Ul Hassan Gilani, Dr Mirza Ikhtiar Baig, Muhammad Jawed Hanif Khan, Muhammad Ali Sarfraz (via Zoom), Muhammad Mobeen Arif, Usman Mela, and Ms Shahida Begum. The meeting was also attended by Ms Sharmila Sahiba Faruqui Hashaam and Ms Aliya Kamran, MNAs and movers of the starred questions. The secretaries and officers from the Finance and Revenue Divisions were also present during the meeting.
