According to a report by The Express Trubune, the panel formed will offer its recommendations based on each aspect of the cryptocurrency industry, including its legal status and restrictions on it. The suggestions will be sent to a committee headed by the Finance Secretary.
The foundation of the first panel was laid under the chairmanship of the Legal Secretary of Pakistan. Other members include State Bank of Pakistan (SBP), Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA).
The committee will consider whether cryptocurrencies can be banned under existing regulations. It will also suggest a way to ban crypto while maintaining the delicate balance between security and technological advancement.
The other two sub-committees will be headed by SBP Deputy Governor Saima Kamal. The committees will include representatives from the Ministry of Information Technology, Security and Exchange Commission of Pakistan, PTA and others.
The report will also outline their views on imposing an immediate ban on cryptocurrencies and its consequences in the future. They will also consider whether banning cryptocurrencies in the country will leave Pakistan behind other countries.