The federal government and central bank have reaffirmed that cryptocurrencies remain illegal in Pakistan, despite recent high-profile moves suggesting a push for digital asset promotion. During a National Assembly Standing Committee on Finance session, Finance Secretary Imdad Ullah Bosal and State Bank of Pakistan (SBP) Executive Director Sohail Jawad made it clear that crypto trading and holding are against the law and subject to investigation by the Financial Monitoring Unit (FMU) and the FIA.
These remarks came just a day after Bilal Bin Saqib, Special Assistant to the Prime Minister on Crypto and Blockchain, pitched the promotion of cryptocurrencies during a visit to the United States. His keynote at Bitcoin Vegas 2025 unveiled Pakistan’s first Strategic Bitcoin Reserve and announced initiatives like the Pakistan Digital Assets Authority (PDAA) and a national Bitcoin wallet.
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Committee members questioned the contradictory nature of the government’s actions. While crypto is being promoted on global platforms, there is no legal or regulatory framework in place. SBP officials stressed that their 2018 directive banning crypto for regulated entities remains valid, yet government announcements this week hinted at state involvement in Bitcoin mining using surplus electricity.
Lawmakers raised concerns over public confusion and financial risks, particularly with increased media coverage and investment interest in digital currencies. The lack of legal backing for the Pakistan Crypto Council (PCC), led by Bilal Bin Saqib, was also questioned, to which Bosal responded that a legislative framework was in the works.
Despite the enthusiasm from the Prime Minister’s special assistant, the divergence between federal policy and institutional regulation underscores the challenges Pakistan faces in balancing innovation with legal and economic safeguards.
