Pakistan Establishes Crypto Council to Foster Digital Currency Regulations

The Prime Minister of Pakistan, Shahbaz Sharif, has announced the establishment of a special council dedicated to cryptocurrencies, empowered to implement regulations for digital currency. This news was reported by the local publication, The Express Tribune.

Finance Minister Muhammad Aurangzeb has been appointed as the chairperson of the council, while his advisor, Bilal bin Sakib, will serve as the executive director. Other members include the governor of the State Bank, the chairman of the local Securities and Exchange Commission (SECP), as well as federal secretaries for legislation and information technology.

The council’s main objective is to «develop legislative recommendations for the adoption of cryptocurrencies» and to promote the incorporation of best international practices to enhance the ecosystem in the country.

«Our aim is to position Pakistan as a competitive player in the global digital economy, with a focus on security, transparency, and innovation,» Sakib stated.

In November 2024, the country’s Ministry of Finance proposed several amendments to legislation, which included a provision recognizing cryptocurrencies as a legal method of payment; however, these amendments are still pending approval.

It’s worth noting that at the end of 2022, the Pakistani authorities announced plans to launch a Central Bank Digital Currency (CBDC) by 2025.