Islamabad – Federal Minister for Information and Broadcasting Attaullah Tarar has accused former Finance Minister Miftah Ismail of echoing India’s narrative regarding cryptocurrency. During a detailed media briefing, Tarar addressed multiple pressing issues, including the case of Dr. Aafia Siddiqui, the regulation of digital currencies in Pakistan, and the role of former finance officials in influencing public opinion on emerging technologies.
Tarar firmly stated that Pakistan is making steady progress in formalizing and regulating the cryptocurrency industry, and spreading negative or uninformed narratives about it only serves the interests of hostile foreign elements.
Atta Tarar Clarifies Ishaq Dar’s Position on Aafia Siddiqui Case
Before delving into the cryptocurrency debate, Minister Tarar addressed growing speculation regarding Ishaq Dar’s recent comments about Dr. Aafia Siddiqui, the Pakistani neuroscientist currently imprisoned in the United States. The statement, which went viral across social media and media channels, was “taken out of context,” according to Tarar.
“Ishaq Dar’s comments were misinterpreted. The government has consistently taken diplomatic and legal steps for the repatriation and welfare of Dr. Aafia Siddiqui,” Tarar stated.
He further revealed that a government committee has been constituted under the Law Minister’s chairmanship to address the issue in a structured and legal manner. Ishaq Dar, despite his past involvement in high-profile government positions, is not a member of the Sugar Advisory Board, contrary to various circulating reports.
Cryptocurrency Regulation in Pakistan: A Brief Overview
Cryptocurrency has emerged as a hot-button topic in Pakistan over the past few years. As digital assets such as Bitcoin, Ethereum, and stablecoins gain traction worldwide, Pakistani investors—particularly the youth—have shown increasing interest in blockchain technology and decentralized finance.
However, the sector has also been met with skepticism by regulators and lawmakers due to concerns around money laundering, financial fraud, and terror financing. Pakistan’s State Bank of Pakistan (SBP) has historically taken a cautious approach, issuing warnings and banning banks from facilitating crypto transactions.
Despite this, the demand for crypto trading platforms and blockchain services has soared. As a result, the Pakistani government has slowly moved toward establishing a regulatory framework to harness the economic potential of cryptocurrencies while mitigating associated risks.
Miftah Ismail’s Comments Criticized for Aligning With Foreign Narrative
Former Finance Minister Miftah Ismail recently made public statements expressing doubts about the feasibility and safety of embracing cryptocurrencies in Pakistan’s economic landscape. He raised concerns about the lack of infrastructure, high risks, and potential misuse of digital assets.
However, Atta Tarar criticized Ismail’s remarks, asserting that his commentary mirrors the same concerns and rhetoric propagated by India—a country that has historically taken a hardline stance on crypto.
“Miftah Ismail’s narrative reflects India’s strategy of creating uncertainty and fear around cryptocurrencies in neighboring nations. Speaking without evidence or research serves no one but our adversaries,” Tarar said during his media interaction.
He added that instead of undermining Pakistan’s efforts to regulate and expand digital assets, stakeholders should support and contribute constructively to the development of the sector.
India’s Stance on Cryptocurrency and Its Relevance
To provide context, India has maintained a tough approach to cryptocurrency. In early 2022, the Indian government imposed a 30% tax on digital asset income and 1% TDS on all crypto transactions, effectively discouraging frequent trading. The Reserve Bank of India (RBI) has even called for a complete ban on private cryptocurrencies, citing systemic risk.
This stringent approach has led to debates across the South Asian region, with many fearing that such restrictive policies could stifle innovation and drive blockchain entrepreneurs to more crypto-friendly jurisdictions.
Tarar’s comparison of Ismail’s viewpoint to India’s crypto strategy indicates his concern that negative rhetoric may stifle innovation and damage Pakistan’s emerging digital economy, especially when Pakistan has only recently begun formal efforts to develop the sector.
Pakistan’s Steps Toward Regulating Cryptocurrency
Contrary to claims that Pakistan lacks direction on digital currencies, Tarar affirmed that the government has formulated a system for cryptocurrency regulation. These steps include:
1. Development of a Regulatory Framework
Pakistan’s Finance Ministry, FIA (Federal Investigation Agency), and the SBP have collaborated on drafting cryptocurrency policies. These guidelines aim to control illicit financial flows while promoting legitimate blockchain businesses.
2. Introduction of Licensing for Crypto Exchanges
Efforts are underway to license cryptocurrency exchanges operating within Pakistan. Regulatory authorities have issued warnings to unauthorized platforms while working with international partners to track transactions and ensure transparency.
3. Public Awareness Campaigns
In coordination with digital literacy programs, the government is also planning to educate citizens on the risks and benefits of crypto trading, with a focus on consumer protection and fraud prevention.
“Crypto Is a Growing Sector” – Tarar Emphasizes Future Potential
Atta Tarar further highlighted the economic and technological benefits of cryptocurrencies, calling it a “growing sector” that can no longer be ignored. He urged politicians, technocrats, and financial analysts to view cryptocurrency not through the lens of fear, but with research, openness, and strategic foresight.
“Criticizing a regulated and evolving industry without understanding it plays into the hands of those who want to see Pakistan lag behind. We must be careful with our words,” he asserted.
He stressed that emerging markets around the world are integrating blockchain technology into finance, healthcare, education, and even governance. Pakistan, too, must stay ahead of the curve to benefit from the fourth industrial revolution.
Digital Economy and National Security: A Balancing Act
Tarar pointed out that while security concerns about digital currencies are valid, they must not overshadow the economic potential of crypto-based solutions. He reiterated that the government has no intention of allowing illegal or unmonitored crypto activity and that regulatory oversight will continue to expand.
“We are fully aware of how crypto can be misused for criminal purposes. That is why we’re building strong safeguards. But rejecting the entire industry is short-sighted,” he explained.
This balancing act between national security and economic innovation is a challenge that governments worldwide are currently navigating. Pakistan’s policy aims to emulate global best practices while preserving national interests.
Call for Responsible Dialogue and Unity
In his concluding remarks, Atta Tarar called for responsible discourse and national unity on issues of technology, security, and economy. He urged former government officials and opposition leaders to avoid politicizing sectors that are still in their infancy and require bipartisan support for growth.
“Talking without research, blaming without proof, and politicizing new industries only hurts Pakistan. Let’s build, not break,” he said.
He encouraged professionals from fintech, academia, and law to participate in shaping forward-thinking crypto regulations that align with Pakistan’s needs and global standards.
Conclusion: A Critical Juncture for Pakistan’s Crypto Landscape
Atta Tarar’s remarks underscore a critical moment in Pakistan’s journey toward becoming a digitally empowered nation. With the rise of Web3, blockchain, and cryptocurrency technologies, Pakistan stands at a crossroads—one that demands strategic vision, informed debate, and unified action.
While Miftah Ismail’s concerns highlight potential pitfalls, his approach has been criticized for inadvertently aligning with hostile narratives, something the government sees as counterproductive.
As the state moves forward with crypto regulation, the need for inclusive, evidence-based policymaking becomes even more pressing. Pakistan must embrace innovation while protecting its citizens—a goal that can only be achieved through collaboration, not confrontation.
