ISLAMABAD On Wednesday, a Senate committee was informed that kidnappers in Pakistan are increasingly using cryptocurrencies to pay ransoms instead of cash.
This was disclosed by Senator Mohsin Aziz at a hearing of the Senate Standing Committee on Finance, which examined the “Virtual Asset Bill 2025” under the direction of Senator Saleem Mandviwalla.
The panel was told by the State Bank’s deputy governor that cryptocurrencies are legal but fall into a “grey” area.
Mandviwalla questioned how cryptocurrency transactions that were carried out through unlawful means like hawala and hundi could be regarded as grey. Additionally, he pointed out that Pakistanis were ranked ninth in the world for cryptocurrency investment, highlighting the significance of the bill.
