The Pakistani government is showing strong intent to accelerate the integration of cryptocurrencies within its financial system, especially for banks, foreign exchange companies, and gold trading, according to sources familiar with recent high-level discussions. Following a major meeting on Tuesday, it became clear that policymakers are keen to leverage digital currencies to help stabilize the exchange rate, reduce the demand for US dollars, and combat currency smuggling to Afghanistan and Iran.
Earlier this week, representatives from the State Bank of Pakistan (SBP), the finance ministry, commercial banks, and exchange companies convened with top security officials to explore strategies for managing currency fluctuations and ensuring market stability. The focus had shifted squarely to digital assets, with Pakistan Crypto Council (PCC) CEO Bilal Bin Saqib leading an in-depth presentation on the potential of virtual currencies in Pakistan. Saqib, recently appointed as the Prime Minister’s special assistant on blockchain and cryptocurrency with ministerial status, emphasized that digital assets represent the future of global finance.
Attendees described the meeting as being dominated by the crypto agenda, with most of the session dedicated to discussing the benefits, risks, and mechanics of cryptocurrency adoption. While some participants expressed concerns about the volatility and speculative risks associated with digital currencies, Saqib downplayed these issues, arguing that Pakistan must embrace innovation to remain competitive in a changing economic landscape.
Although cryptocurrencies have gained worldwide popularity, most central banks remain cautious, avoiding direct regulation or adoption. However, the SBP is taking a proactive approach. SBP Governor Jameel Ahmed recently announced plans for a pilot program to launch a digital currency, with legislative measures for virtual asset regulation nearing completion. The SBP and the Finance Division are now working closely with the Pakistan Crypto Council to develop a robust legal and regulatory framework for virtual assets.
Despite concerns over price volatility—such as Bitcoin’s dramatic fluctuations between $35,000 and $70,000—officials believe Pakistan is prepared to move forward with crypto transactions. During the meeting, banks, forex companies, and gold traders were briefed on the advantages of digital currencies, including enhanced security, transparency, and easier access to financial services.
It was also revealed that the central bank intends to issue licenses for crypto trading to banks and other financial institutions. Industry insiders hinted at the possibility of opening new field offices in major cities to facilitate broader access to virtual assets and encourage the growth of digital transactions nationwide.
