No crypto-hawala link found: minister | The Express Tribune

ISLAMABAD:

Federal Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry on Friday informed the National Assembly that the government has formally established the Pakistan Crypto Council to develop a regulatory and operational framework for cryptocurrency in the country.

Responding to questions during the Question Hour, the minister clarified that the government neither intends to promote nor discourage cryptocurrency but aims to regularise and channel it under a structured legal system to prevent misuse and ensure transparency.

He explained that cryptocurrency is a relatively new concept in Pakistan, and the government prefers to handle it through proper institutional mechanisms rather than ad hoc measures. “We are working to ensure that crypto-related activities are regulated in a formal, transparent, and lawful manner. The framework being developed will help prevent misuse, including illegal transactions,” he said.

Addressing another query, he said that currently, there is no evidence of cryptocurrency being used for hawala or other unlawful financial activities in Pakistan. “Crypto transactions are not prevalent in the local financial system. However, the framework is being established to prevent any potential misuse in the future,” he added.

Dr Fazal Chaudhry said that emerging technologies such as Artificial Intelligence (AI) and other digital innovations are being incorporated into governance and business systems worldwide, and Pakistan is aligning itself with these modern trends.

He said that uninterrupted electricity and necessary support are being provided for IT-related installations and technology-driven sectors.

He further informed the House that a Special Assistant to the Prime Minister has been tasked with supervising cryptocurrency policy formulation to ensure alignment with global standards and technological requirements.

The minister said that all financial reforms will comply with Islamic principles, recalling similar concerns raised when Pakistan introduced interest-free Islamic banking as an alternative to conventional banking.

He invited lawmakers to share input and observations to strengthen the ongoing regulatory process, assuring that all feedback would be reviewed by relevant authorities.

Responding to another question from MNA Ali Muhammad Khan on GDP growth and economic performance, Chaudhry said the government remains committed to ensuring economic stability and attracting foreign and local investment.

He cited encouraging economic indicators from recent cabinet meetings, including record inflows of foreign remittances over the past month – the highest in two years.

“Despite economic challenges, capital inflows into Pakistan are increasing, and foreign investors continue to show confidence in the country’s economy,” he said. The minister added that the government is taking all possible measures to facilitate investors, improve ease of doing business, and provide a secure environment for investment.

Chaudhry added that relevant data and charts related to economic inflows and outflows are being made available for detailed review. “The government’s goal is to strengthen the investment climate, provide a sense of security to investors, and create a business-friendly environment that supports sustainable growth,” he added.