Federal Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry told the National Assembly on Friday that there is currently no evidence of cryptocurrency being used for hawala or any other unlawful financial activities in Pakistan.
He said crypto transactions are not yet common in the country’s financial system, but the government is preparing a regulatory framework to ensure transparency and prevent future misuse.
Responding to questions during the Question Hour, the minister said that the government has established the Pakistan Crypto Council to create a regulatory and operational framework for cryptocurrency in the country. “The government’s objective is neither to promote nor discourage cryptocurrency but to bring it under a structured legal system to ensure transparency and prevent misuse,” he added.
He said cryptocurrency remains a new concept in Pakistan, and the government intends to manage it through formal institutional mechanisms rather than ad hoc measures.
He noted that emerging technologies such as Artificial Intelligence (AI) are increasingly shaping governance and business systems globally, and Pakistan is adapting to these developments. The minister said uninterrupted electricity and infrastructure support are being provided for IT-related installations and technology sectors.
He said all financial reforms would be consistent with Islamic principles, drawing parallels with the introduction of interest-free Islamic banking as an alternative to conventional systems.
He invited lawmakers to contribute their input to strengthen the regulatory process and assured that all feedback would be reviewed by relevant authorities.
