ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue expressed reservations about potential risks associated with cryptocurrency and its regulation.
The committee, led by Nafisa Shah, said that cryptocurrency is currently illegal in the country, and many people are investing, fearing billions of rupees in losses.
As per details, the government of Pakistan is considering regulations for cryptocurrency and initial policy considerations.
The committee members alleged that cryptocurrency issues are being exaggerated in the country and warned that announcements without planning could lead to significant losses for investors.
The standing committee was informed that the government has established a Crypto Council, with Bilal bin Saqib appointed as Special Assistant to the council.
The Finance Secretary, Imdad Ullah Bosal, informed the committee that legal matters are being examined for a framework policy, and issues related to regulating digital currency are under consideration.
The Finance Secretary said that all matters related to cryptocurrency are still in the initial stages.
The State Bank of Pakistan and the Securities and Exchange Commission of Pakistan (SECP) are involved in deliberations regarding regulation, Bosal said.
State Bank officials informed the committee that digital currencies do not yet have legal status anywhere.
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