The government has formed a council to cryptocurrency legalized in Pakistan, a move that experts are calling a positive step for the country’s economy.
In a statement issued by the Ministry of Finance on Friday, it was revealed that this council, established to shape the future of digital finance, marks a new step toward promoting and regulating blockchain technology and digital assets in the country. The council will play a crucial role in crafting effective policies for cryptocurrency adoption and establishing a secure financial system, Reported by Independent Urdu.
The council will be chaired by Finance Minister Senator Muhammad Aurangzeb, with Chief Advisor and CEO Bilal bin Saqib leading efforts in blockchain technology, investment strategies, and digital innovation. The initial board members of the Pakistan Crypto Council include the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan, the Federal Secretary of Law, and the Federal Secretary of Information Technology.
A spokesperson for the Ministry of Finance told Independent Urdu on Saturday that the federal government is “planning to legalize cryptocurrency.” When asked about the current stage of this plan, the spokesperson stated, “The Pakistan Crypto Council has been established and will determine the future course of action.”
In this regard, Finance Minister Senator Muhammad Aurangzeb emphasized that the world is rapidly moving toward digital finance, and Pakistan is keen to take a leadership role in this field. The establishment of the Pakistan Crypto Council is a step toward creating a regulatory framework that ensures the protection of investors and the financial system.
He added, “We are committed to building a progressive crypto ecosystem that will positively contribute to Pakistan’s economy.”
CEO Bilal bin Saqib stated that the council aims to bring stakeholders together to develop policies that balance growth and security. The council will focus on creating clear regulatory policies, fostering effective collaboration between public and private sector stakeholders, and positioning Pakistan as a prominent player in the global digital asset industry.
The government’s future steps include issuing clear regulatory guidelines for cryptocurrency adoption, establishing connections with global crypto and blockchain organizations to adopt best practices, promoting responsible innovation in collaboration with fintech startups, investors, and blockchain developers, and developing a robust legal and enforcement framework to ensure consumer protection and financial security.
While cryptocurrency has not yet been officially recognized in Pakistan, trading of Bitcoin and other digital currencies has been ongoing. According to a 2021 investigative report by the Karachi Chamber of Commerce and Industry, cryptocurrency adoption in Pakistan has accelerated in recent years. The country ranked third in the Global Crypto Adoption Index in 2020-21, dropped to eighth in 2023, and is now in ninth place.
The report also highlighted that “there is immense potential for Pakistanis and dual nationals in the country to benefit from billions of dollars in unrealized gains from crypto assets.”
What impact will the government’s move have on the Cryptocurrency Legal in Pakistan? Haroon Beg, an expert on cryptocurrency matters, told Independent Urdu that regulating cryptocurrency in Pakistan will bring several benefits, including increased investor confidence, better consumer protection, and a broader tax net.
He stated, “This will encourage innovation in fintech and blockchain and position Pakistan as a competitive player in the global digital economy.”
According to Haroon Beg, “Clear regulations can open up new opportunities for businesses and individuals in the crypto space while reducing risks such as fraud and money laundering.”
