The Pakistani government is advancing plans to incorporate cryptocurrency into the financial sector, signalling a potential shift in how digital currencies are viewed and regulated in the country.
Sources told Dawn that a top-level meeting held on Tuesday focused entirely on virtual assets. Senior officials, along with representatives from banks, forex firms, and gold traders, were briefed on how crypto could support financial inclusion and streamline transactions.
Bilal Bin Saqib, who heads the Pakistan Crypto Council and advises the Prime Minister on blockchain, explained the broader economic benefits of embracing cryptocurrencies. He said that blockchain technology could open new avenues for growth, investment, and transparency.
It was revealed that the State Bank is preparing to grant licenses for institutions interested in offering crypto trading services. There was also a suggestion that crypto field offices in large cities could improve public access and digital literacy.
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Government sources said that despite risks such as market volatility, authorities are eager to move quickly. Saqib reportedly dismissed fears about speculation, saying the benefits outweigh the uncertainties.
Although most central banks remain hesitant to regulate digital currencies, Pakistan’s central bank is planning a digital currency pilot project. On July 9, SBP Governor Jameel Ahmed confirmed the move and said legislation is being drafted to support virtual assets.
The Finance Ministry and SBP are working closely with the Crypto Council to build a regulatory structure. Financial analysts have noted that while crypto prices like Bitcoin can be unpredictable, the government appears committed to creating a secure and regulated environment for digital finance.