The Senate Standing Committee on IT and Telecom has raised concerns over the formation of the newly established Crypto Council. The meeting was chaired by Senator Palwasha Khan at Parliament Lodges. Members discussed the need for legal clarity and questioned the council’s foundation. The IT Secretary briefed the committee on the council’s role and structure. He confirmed that the Finance Minister leads the council, while he serves as a member from the IT side.
However, several senators were not satisfied. Senator Humayun Mohmand and Senator Kamran Murtaza questioned the legal grounds of the Crypto Council. They asked if a council could be formed through an executive order. They also raised concerns about who would be responsible if fraud or scams occurred. In response, the IT Secretary said the council is only an advisory body, not a regulator.
Senator Afnan Ullah shared his frustration over the government’s handling of digital assets. He said he had drafted a bill after three months of hard work. But instead of using his bill, the government created a separate council. He argued that cryptocurrency matters should be handled by the Ministry of IT, not Finance. According to him, the Finance Ministry already struggles with its core responsibilities.
The IT Secretary clarified that the ministry’s role in the council is only technical. He stressed that regulation is not their responsibility. He also added that the council offers advice, but it does not hold legal authority. Despite these explanations, committee members remained unsatisfied with the setup.
As a result, the committee has decided to call Finance Ministry officials in the next session. They want answers about the legal status and future plans of the Crypto Council. The senators also stressed the need for transparency and proper laws to regulate digital currencies. The matter will be discussed further to ensure public safety and national interest.