Business Desk 
Jun 02, 2025
While Pakistan recently grabbed headlines for announcing the establishment of a state-backed Bitcoin reserve, the country's efforts to adopt crypto and digital assets seem to have backfired as the legal status of the Pakistan Crypto Council (PCC) has been questioned ahead of the annual budget for the fiscal year 2025-26.
During a recent session of the Senate Standing Committee on Information Technology and Telecommunication, several committee members expressed doubts about the council's legitimacy, asking whether it was established through appropriate legislative processes.
Senator Kamran Murtaza questioned the PCC's legal foundation. He asked if the parliament was consulted before PCC's formation, emphasising that any council must have statutory backing and cannot be created only through an executive order, Phoneworld reported.
Validating these concerns, other senators condemned the government for ignoring a crypto regulation bill drafted after three months of work. “The government scrapped my bill and introduced a council instead,” said one senator.
In response, the secretary of IT clarified that the PCC functions only as an advisory body formed through an executive order. He underlined that the council is headed by the finance minister, in which he serves as a member.
Despite clarification provided, the committee remained sceptical, questioning the council's ability to function without formal legislation, particularly given the economic and legal implications of the digital asset sector.
The development has raised fresh concerns about cryptocurrency regulation in Pakistan, and as federal budget for the fiscal year 2025-26 inches closer, it remains to be seen whether the government weighs in on the future of crypto.
