Pakistan's crypto gamble

An opinion column in The Express Tribune contends that Pakistan's new interest in digital assets is framed as a sign of technological advance. Officials portray distributed ledgers, tokenisation and digital tokens as ways to bring in capital and update financial services. The writer grants that technology is changing world trade, yet argues the central issue is whether the State first built the legal and regulatory base for such ventures.

The column says the more pressing concern is the sequence of decisions. It notes that Pakistan has repeatedly adopted ambitious reforms before building the institutions to regulate them, and that the anti-money laundering framework took nearly two decades to strengthen. It also warns that crypto spans finance, taxation, monetary policy and national security, and that parliament still lacks a comprehensive legislative framework on virtual assets.

The column stresses that the questions raised do not imply wrongdoing, and it notes that no evidence presently points to unlawful conduct by Pakistan or any foreign partner. It urges disclosure of the legal framework, safeguards and due diligence behind such partnerships, and asks whether the State Bank, SECP and Federal Board of Revenue have completed assessments. Its author regards these as baseline expectations of a democratic constitutional order.