Islamabad, January 21, 2025 — A recent attempt to introduce a bill aimed at regulating virtual assets, including cryptocurrencies, encountered a setback in the Senate. The proposed “Virtual Assets Bill 2025,” which sought to establish a legal framework for digital currencies and pave the way for a state-backed Digital Rupee, was barred from introduction due to procedural challenges.
Highlights of the Situation:
- Legislative Procedures: The bill, introduced by Senator Dr. Afnan Ullah Khan, aimed to create Virtual Asset Zones and a National Virtual Assets Regulatory Commission. However, it faced opposition on procedural grounds, delaying its consideration.
- Government’s Stance: While the government acknowledges the growing importance of digital assets, it emphasizes the need for comprehensive discussions and consensus before enacting such legislation.
- Future Prospects: Despite the setback, proponents of the bill remain optimistic, planning to address the raised concerns and reintroduce the legislation in the near future.
This development underscores the complexities involved in regulating emerging financial technologies within Pakistan’s legislative framework.
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