A heated debate unfolded on Wednesday in the Senate Standing Committee on Finance over the Virtual Assets Authority Bill 2025, with Senator Afnanullah sharply criticising the Law Ministry and accusing it of copying his proposed draft.

The committee, chaired by Senator Saleem Mandviwalla, also examined the salaries and perks of SECP’s chairman and commissioners, noting that the matter was already under review in the Public Accounts Committee (PAC).

Mandviwalla decided to defer a decision until PAC’s recommendations are finalised.

During the session, Senator Afnanullah lashed out at the Law Ministry, claiming that his bill had been copied and repackaged.

“The Secretary of Law should feel ashamed. My draft was plagiarised — turned from a one-page comparative review into 30 unnecessary pages,” he remarked, adding that “such incompetence does not exist anywhere else.”

Mandviwalla supported the criticism, observing that whenever a private member’s bill is introduced, the government rushes to bring its own version to take credit.

Senator Abdul Qadir went as far as to liken the situation to “writing your own name under Ghalib’s poetry.”

Law Secretary, however, defended his ministry, saying he had only reviewed the bill after it was forwarded by the committee.

Officials from the Law Ministry informed the panel that digital currency will be regulated by the State Bank of Pakistan (SBP), and a new Virtual Assets Authority will be established under the Finance Ministry’s oversight.

SBP representatives explained that a single CTDC (Centralised Digital Currency) unit would be equivalent to one rupee, directly debited from the buyer’s account.

Mandviwalla expressed concerns over SBP’s lack of clarity on digital currency conversion.

He said that some Chinese companies had approached Pakistan with interest in crypto mining, but were discouraged by high electricity costs.

“If our crypto business model works, companies will come. Otherwise, they will stay away,” he warned.

The committee was also briefed that, unlike in the past when digital currency was restricted to banks, it will soon be available for public use, enabling routine purchases.

Officials stressed that the Virtual Assets Authority Bill will provide a long-awaited legal framework for crypto in Pakistan.