Finance Minister Muhammad Aurangzeb has called on authorities, including the State Bank of Pakistan (SBP), to consider cryptocurrency with an open mind, especially as digital banking continues to evolve in Pakistan. Speaking at the ‘Pakistan Banking Summit 2025’ in Karachi on Monday, the minister emphasized that crypto has already gained significant traction in the informal market and urged regulators to stay ahead of the curve in managing digital assets and artificial intelligence (AI).
Aurangzeb, who has a background in banking, highlighted the importance of preparing for regulatory frameworks surrounding crypto, AI, and digital banking in the country. “Even if the numbers are only a fraction of what is circulating, we need to think ahead and develop the right regulatory structure for these emerging technologies,” he said.
Drawing from discussions at the AlUla Conference in Saudi Arabia, the finance minister noted that many emerging markets are focusing on AI and digital assets as tools for financial inclusion and digital banking advancements. “While we may have our perspectives at this time, it’s important to approach cryptocurrency with an open mind,” he added.
The minister also reflected on Pakistan’s progress in digital banking and financial inclusion, stating that while digitalization is not the final goal, it is a key enabler for a more efficient, cost-effective, and accessible financial system. He emphasized Pakistan’s commitment to transitioning to a cashless society by promoting digital banking, including the use of point-of-sale (POS) machines and QR codes.
Aurangzeb further emphasized the government’s commitment to deregulation and privatization of assets, highlighting the role of banks in mobilizing investment and attracting foreign direct investment (FDI). “This is essential for economic growth and sustainable development,” he said.
Addressing structural reforms, the finance minister reassured the public that Pakistan would continue to pursue vital reforms in areas such as taxation, energy, and agriculture to break the “boom and bust” cycle and achieve long-term, sustainable economic growth.
