The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, learned that kidnappers in Pakistan are increasingly demanding cryptocurrency for ransom payments instead of cash. The revelation came during a review of the “Virtual Asset Bill 2025,” aimed at regulating cryptocurrencies.
Senator Mohsin Aziz highlighted the growing use of crypto for ransom, signalling a shift in criminal tactics. The State Bank’s Deputy Governor noted that cryptocurrency operates in a “grey” legal area, though it is not illegal. Mandviwalla questioned this, pointing out that crypto transactions often use illegal hawala and hundi systems. He emphasised Pakistan’s eighth global ranking in crypto investment, stressing the bill’s urgency.
Finance Secretary Imdadullah Bosal said the bill seeks to regulate virtual assets and curb money laundering risks. A Law Ministry consultant added that an independent board, with experts in technology, finance, and regulation, will oversee the new rules.
Read: Peshawar High Court Mandates Cryptocurrency Regulation Within Two Months
Senator Dilawar Khan criticised Pakistan’s tax system, saying multiple levies like sales tax and super tax hurt growth. He suggested a uniform 5% tax could increase revenue by 40% and warned against risky policy experiments. The committee also debated the customs’ role. Mandviwalla opposed placing the Trade Development Authority of Pakistan (TDAP) under customs. Senator Anusha Rehman highlighted trader complaints about 23 checkpoints between Quetta and Taftan.
The rise of cryptocurrency in ransom payments raises concerns about unregulated financial systems in Pakistan. The Virtual Asset Bill 2025 could bring transparency and security, while economic debates highlight the need for fair taxation and trade policies. These changes could shape Pakistan’s financial future.
