Senator Mohsin Aziz has disclosed that cryptocurrency is widely being used for ransom payment in Pakistan. Seator said that the kidnappers are no longer demanding cash.
Mohsin Aziz revealed this during a meeting of the Senate Standing Committee on Finance. Senator Saleem Mandviwalla chaired the meeting which reviewed the “Virtual Asset Bill 2025.”
Meanwhile, Senator Mandviwalla questioned how crypto dealings are considered grey when routed through hawala and hundi, which are illegal. He also said that Pakistanis ranked eighth globally in crypto investment.
Finance Secretary Imdadullah Bosal said that regulations are not in place for the virtual assets so far, and the government aimed to bring transparency through this bill.
Bosal further stated that the legislation would also examine potential money laundering risks. A consultant from the Law Ministry said an independent board would be established under the bill, with board members required to have expertise in technology, finance and regulatory affairs.
Senator Dilawar Khan, during a separate discussion on taxation, criticised the existing system, saying multiple levies such as sales tax and super tax were stifling.
He argued that imposing a uniform 5% tax could boost overall revenues by 40%. He cautioned that economic improvement required avoiding risky policy experiments.
The committee also debated the role of customs. Mandviwalla objected to placing the Trade Development Authority of Pakistan (TDAP) under customs, while the finance secretary said there was a close link between the two bodies.
