Sure! Here’s a longer, simpler version of the news update, rephrased for better clarity and engagement, along with an expanded set of hashtags:
Cryptocurrency Still Illegal in Pakistan, But Government Forms Task Force to Explore Its Future
The Finance Committee of Pakistan’s National Assembly was recently told that cryptocurrencies, like Bitcoin, are still illegal in the country. There has been no official approval from Parliament to allow their use or trading.
However, despite the ban, a special task force has been created to study the possibility of regulating cryptocurrency in the future. The goal is to understand how digital currencies could work in Pakistan and what rules would be needed to manage them safely.
Financial authorities also shared that several investigations are currently underway regarding crypto-related activities. Agencies such as the Federal Investigation Agency (FIA) and the Financial Monitoring Unit (FMU) are actively tracking crypto transactions to stop illegal activities like money laundering and terror financing.
Members of the Finance Committee raised serious concerns about the recent allocation of 2,000 megawatts of electricity for crypto mining purposes. This is happening at a time when many industries in Pakistan are already struggling with major power shortages. Lawmakers questioned whether it makes sense to use so much electricity for mining digital coins while businesses are being forced to shut down due to energy cuts.
They also highlighted the risks of using cryptocurrency for financial crimes and how it might increase the country’s circular debt problem.
The committee has now decided to call in all key departments and experts involved to give a full briefing on Pakistan’s cryptocurrency policy, the current legal situation, and the energy usage being given to crypto mining.
