# *Detailed SUMMARY of the article "Crypto fever" by Editorial, Published in Dawn on June 1st, 2025:* The article critiques the *Pakistani government's* hasty approach to *cryptocurrency adoption*, highlighting a significant disconnect between existing *state-level policies* that ban crypto assets and recent ambitious plans unveiled by the *Pakistan Crypto Council*. The council has announced plans for Pakistan to create its own *strategic reserve* of cryptocurrency and allocate *two gigawatts of electricity* to *AI* and *cryptocurrency businesses*. However, the *National Assembly's Standing Committee on Finance and Revenue* was informed last Thursday that despite the *crypto czar's* announcements at a *high-powered forum in Las Vegas*, *bitcoin* and all other *cryptocurrencies remain banned and illegal* to trade in Pakistan, with those engaging in cryptocurrency transactions still being *referred to authorities for prosecution*. This revelation has created sharp confusion around the government's efforts to *mainstream cryptocurrency adoption*. The article raises several critical questions: if the *State Bank* does not recognize cryptocurrencies as *legal tender* under any circumstances, how can the government use them to create a *strategic reserve*? How has the government rationalized allocating *national resources*, including part of its *power output*, to businesses engaged in technically *illegal activities*? Why is the government entitled to deal in cryptocurrencies when the *Financial Monitoring Unit*, a government intelligence department tracking *financial crimes*, refers citizens dealing in *crypto assets* to *law-enforcement agencies* for legal action? Despite the *Pakistan Crypto Council* assuming responsibility for addressing these policy inconsistencies, it has failed to provide answers and has only announced a *high-level meeting on policy measures* following public criticism of its *disjointed strategy*. The article acknowledges understandable *skepticism* about using highly *volatile* and *speculative* assets when investing *public resources*, noting that *public funds* are normally invested in *stable* and *safe assets* for good reason. However, it also recognizes that *cryptocurrencies* are rapidly emerging as an important *technological innovation* in our fast-evolving world, and there's a chance, however small, that Pakistan could reap *windfall dividends* if positioned as a major player in the *crypto world*. The editorial concludes that while there's no harm in attempting this positioning, since *public resources* are at stake, the *Pakistan Crypto Council* must satisfy critics with *coherent policies* to support its plans, noting that the current *bombastic approach* is undermining efforts and calling for tempering zeal and focusing on proper homework. # *Easy/Short SUMMARY*: The *Pakistani government* faces criticism for its hasty *cryptocurrency adoption* plans, creating confusion between existing *crypto bans* and the *Pakistan Crypto Council's* ambitious plans for a *strategic crypto reserve* and *two gigawatts* of electricity allocation. While *cryptocurrencies remain illegal* and citizens face *prosecution*, the government plans to invest *public resources* in *crypto businesses*. Despite *crypto's potential* as a *technological innovation*, the *Pakistan Crypto Council* must provide *coherent policies* rather than *bombastic announcements* to justify investing *public funds* in *volatile assets*. # *SOLUTIONS of The Problem*: ## *1. Create Comprehensive Crypto Policy* Develop a unified *national cryptocurrency policy* that resolves contradictions between *bans* and *adoption plans*. ## *2. Legalize Crypto Trading* Amend existing laws to make *cryptocurrency trading legal* before implementing *strategic reserves* or *business allocations*. ## *3. Establish Regulatory Framework* Create clear *regulatory guidelines* for *cryptocurrency businesses* and *individual traders* under *State Bank supervision*. ## *4. Form Crypto Task Force* Establish a multi-agency *task force* including *State Bank*, *Finance Ministry*, and *law enforcement* for policy coordination. ## *5. Conduct Risk Assessment* Perform thorough *risk analysis* of investing *public resources* in *volatile cryptocurrency assets* before implementation. ## *6. Phase Implementation Gradually* Implement *cryptocurrency adoption* in phases, starting with *pilot projects* rather than large-scale *strategic reserves*. ## *7. Update Financial Laws* Revise *financial monitoring* and *anti-money laundering* laws to accommodate *legitimate cryptocurrency transactions*. ## *8. Train Government Officials* Provide *cryptocurrency education* and training to *government officials* and *regulatory authorities*. ## *9. Engage Public Consultation* Conduct *public hearings* and *stakeholder consultations* before finalizing *cryptocurrency policies* and *resource allocation*. ## *10. Establish Oversight Mechanisms* Create independent *oversight bodies* to monitor *cryptocurrency investments* and ensure *transparency* in *public fund usage*. # *IMPORTANT Facts and Figures Given in the article*: - *Pakistan Crypto Council* plans to allocate *two gigawatts of electricity* to *AI* and *cryptocurrency businesses*. - *Bitcoin* and all other *cryptocurrencies remain banned and illegal* to trade in Pakistan. - *National Assembly's Standing Committee on Finance and Revenue* was informed about the crypto ban last Thursday. - Pakistan's *crypto czar* made announcements at a *high-powered forum in Las Vegas*. - *Financial Monitoring Unit* refers citizens dealing in *crypto assets* to *law-enforcement agencies*. - *Pakistan Crypto Council* announced a *high-level meeting on policy measures* following public criticism. # *IMPORTANT Facts and Figures out of the article*: - Global *cryptocurrency market cap* exceeds *$2.3 trillion* as of *2024* (*CoinMarketCap*, 2024). - Pakistan's current *electricity generation capacity* is approximately *39,000 MW* (*NEPRA*, 2024). - *Two gigawatts* represents about *5%* of Pakistan's total *power generation capacity*. - Over *100 countries* are exploring *Central Bank Digital Currencies (CBDCs)* (*IMF*, 2024). - *Cryptocurrency adoption* in Pakistan ranks *7th globally* despite legal restrictions (*Chainalysis*, 2024). - Pakistan's *power shortage* affects *20%* of industrial capacity (*World Bank*, 2024). # *MCQs from the Article*: ### 1. *How much electricity does Pakistan plan to allocate to cryptocurrency businesses?* A. One gigawatt *B. Two gigawatts* C. Three gigawatts D. Five gigawatts ### 2. *What is the current legal status of cryptocurrencies in Pakistan?* A. Legal and regulated *B. Banned and illegal* C. Partially legal D. Under review ### 3. *Which department refers citizens dealing in crypto assets to law enforcement?* A. State Bank of Pakistan *B. Financial Monitoring Unit* C. Federal Investigation Agency D. Securities Exchange Commission ### 4. *Where did Pakistan's crypto czar make recent announcements?* A. Dubai B. Singapore *C. Las Vegas* D. London ### 5. *What does the article suggest about cryptocurrency investments?* A. They are completely safe B. They guarantee profits *C. They are highly volatile and speculative* D. They are government-backed # *VOCABULARY*: 1. *Enthusiasm* (جوش و خروش) – Intense and eager enjoyment or interest 2. *Disconnect* (رابطے کی کمی) – A lack of understanding or communication 3. *Strategic reserve* (اسٹریٹجک ذخیرہ) – Assets held for future strategic purposes 4. *Allocate* (تفویض کرنا) – Distribute resources for a particular purpose 5. *Mainstream* (مرکزی دھارے میں لانا) – Bring into the normal or conventional 6. *Legal tender* (قانونی کرنسی) – Money that must be accepted for payment 7. *Rationalised* (عقلی بنیاد دینا) – Attempt to explain or justify with logical reasons 8. *Prosecution* (قانونی کارروائی) – Institution of legal proceedings against someone 9. *Disjointed* (بکھرا ہوا) – Lacking a coherent sequence or connection 10. *Scepticism* (شکوک و شبہات) – Doubt about the truth of something 11. *Volatile* (غیر مستحکم) – Liable to change rapidly and unpredictably 12. *Speculative* (قیاس آرائی پر مبنی) – Based on conjecture rather than knowledge 13. *Windfall* (غیر متوقع فائدہ) – An unexpected gain or advantage 14. *Bombastic* (شیخی باز) – High-sounding but with little meaning 15. *Coherent* (مربوط) – Logical and consistent 16. *Zeal* (جوش) – Great energy or enthusiasm 17. *Homework* (تیاری) – Preparatory work or research 18. *Czar* (بادشاہ/حاکم) – A person with great power in a particular area 19. *Intelligence* (خفیہ ادارہ) – Information gathering organization 20. *Temper* (کم کرنا) – Moderate or restrain # *Chart of Pakistan's Cryptocurrency Policy Confusion* Below is a chart illustrating the *contradictory positions* on *cryptocurrency* in Pakistan, showing the gap between *official bans* and *government adoption plans*. ```chartjs { "type": "bar", "data": { "labels": ["Legal Status", "Government Plans", "Public Prosecution", "Resource Allocation"], "datasets": [{ "label": "Current Reality (Red = Negative, Green = Positive)", "data": [-1, 1, -1, 1], "backgroundColor": ["#ff4444", "#44ff44", "#ff4444", "#44ff44"], "borderColor": ["#ff0000", "#00ff00", "#ff0000", "#00ff00"], "borderWidth": 1 }] }, "options": { "scales": { "y": { "beginAtZero": true, "min": -1.5, "max": 1.5, "title": { "display": true, "text": "Policy Position (-1 = Against, +1 = For)" }, "ticks": { "callback": function(value) { if (value === 1) return "Supportive"; if (value === 0) return "Neutral"; if (value === -1) return "Against"; return ""; } } }, "x": { "title": { "display": true, "text": "Policy Areas" } } }, "plugins": { "legend": { "display": true, "position": "top" }, "title": { "display": true, "text": "Pakistan's Contradictory Cryptocurrency Policies" } } } } ``` --- 📢 *Attention Please!* We appreciate your commitment to acquiring knowledge through our summaries. Please be reminded not to remove the attribution label affixed to this article. It is crucial to acknowledge the source and the effort invested in creating this summary. We discourage any unauthorized distribution without proper credit. Thank you for your understanding and cooperation. 🔍 ⚡ *Explore More Summaries, Solutions, and Vocabulary Meanings* 💡 Join our WhatsApp Channel for timely and comprehensive summaries of the latest articles, along with well-crafted solutions and helpful vocabulary meanings. Click the link below to join now 🔗 [Dawn Article Summaries](https://cssmcqs.com/dawn-editorials-articles-summary-for-students-pdf-download/) *WhatsApp Channel Link*: [https://whatsapp.com/channel/0029Va7tT3o35fLnJeFbpS2y](https://whatsapp.com/channel/0029Va7tT3o35fLnJeFbpS2y) --- *www.dawn.com* *Crypto fever* *Editorial* *3 - 4 minutes* *Listen to article* THE government must check its enthusiasm. The speed with which it is moving on cryptocurrency adoption has created a sharp disconnect between existing state-level policies on crypto assets and recent plans unveiled by the Pakistan Crypto Council, under which the country not only intends to create its own 'strategic reserve' of cryptocurrency, but also to allocate two gigawatts of electricity to AI and cryptocurrency businesses. The National Assembly's Standing Committee on Finance and Revenue was last Thursday informed that, regardless of whatever Pakistan's new 'crypto czar' may have announced with respect to the aforementioned plans just a day earlier at a high-powered forum in Las Vegas, bitcoin and all other cryptocurrencies remain banned and illegal to trade in in Pakistan, and those engaging in cryptocurrency transactions were still being referred to the authorities for prosecution. The revelation once again threw into sharp relief the confusion surrounding the government's efforts to 'mainstream' cryptocurrency adoption. Several questions have arisen since then. If the State Bank does not recognise cryptocurrencies as legal tender under any circumstances, how can the government use them to create a strategic reserve? Similarly, how has the government rationalised allocating national resources, for example, part of its power output, to businesses that engage in activities that are technically illegal? Furthermore, why is the government entitled to deal in cryptocurrencies when the Financial Monitoring Unit, a government intelligence department that tracks financial crimes, refers citizens dealing in crypto assets to law-enforcement agencies for legal action? There should have been answers to these questions by now in the form of various policy tweaks, but though the Pakistan Crypto Council earlier assumed responsibility for these, it still has nothing to show. In fact, it has only announced a high-level meeting on policy measures for tomorrow following public criticism of its disjointed strategy. There is understandable scepticism about the use of a highly volatile and speculative class of asset when it comes to investing public resources. Cryptocurrencies are, no doubt, quite risky to deal with, and public funds are normally invested in stable and safe assets for good reason. At the same time, however, there is no denying that cryptocurrencies are rapidly emerging as an important technological innovation in our fast-evolving world, and there is a chance, however small it seems at the moment, that Pakistan could reap windfall dividends if it was able to position itself as a major player in the crypto world. There is no harm in attempting to do so. But since public resources will be at stake, the Pakistan Crypto Council must satisfy the critics with coherent policies to support its plans. Right now, the bombastic approach it has adopted is undermining its efforts. It must temper its zeal and focus on the homework. Published in Dawn, June 1st, 2025