Pakistan Establishes Council to Promote Cryptocurrency

Pakistan’s Prime Minister, Shahbaz Sharif, has announced the formation of a special cryptocurrency council tasked with implementing regulations for digital currency. This was reported by the local publication The Express Tribune.

The council will be chaired by Finance Minister Muhammad Aurangzeb, with his advisor Bilal bin Saqib serving 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 mission is to “develop legislative recommendations for the adoption of cryptocurrencies” and to facilitate the implementation of best international practices for the development of the ecosystem in the country.

“Our goal is to make Pakistan a competitive player in the global digital economy, while prioritizing security, transparency, and innovation,” noted Saqib.

In November 2024, the country’s Ministry of Finance proposed a series of legislative amendments, including a provision to recognize cryptocurrencies as legal tender, though they are still awaiting approval.

Back in late 2022, Pakistan’s authorities announced the launch of a CBDC by 2025.