Pakistan is planning to embrace cryptocurrency as a "strategic asset" to drive a digital financial revolution, according to an adviser to the finance minister. This announcement comes after Islamabad indicated its intention to formalize digital asset regulations.
Last month, Pakistan's finance division revealed that it was considering the creation of a national crypto council to develop a secure investment ecosystem for digital assets in the country.
This month, Bilal bin Saqib, a Forbes-recognized entrepreneur and Web3 investor, was appointed as the chief adviser to the finance minister for the Pakistan Crypto Council.
“The Pakistan Crypto Council recognizes Pakistan’s strong position as one of the top 10 nations globally in crypto adoption,” Saqib stated on X. “Going forward, our priority will be to recognize crypto as a strategic asset, create comprehensive and forward-thinking regulatory frameworks, and ensure compliance, all aimed at positioning Pakistan as a leader in the digital financial revolution.”
Previously, Pakistan’s central bank had declared virtual currencies such as Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, and Pay Diamond illegal, prohibiting their sale, purchase, and exchange. However, the country currently has more than 20 million active digital asset users, who face significant challenges, including high transaction fees, according to the finance division.
Saqib also highlighted that the United States recently made a "historic" move by establishing a Bitcoin Strategic Reserve, marking a turning point for the global economy. "This signals a shift in how nations perceive value, moving beyond traditional assets like gold and oil to embrace the digital future," he said. "For the world, this decision lends greater legitimacy to crypto as a store of value, accelerates institutional adoption, and strengthens the digital economy. It also sets a precedent for other nations, reshaping the future of global finance."
In February, Pakistan’s Finance Minister Muhammad Aurangzeb directed stakeholders to develop a comprehensive framework for a digital asset ecosystem that ensures security, transparency, regulatory compliance, and economic viability. This was part of a high-level meeting discussing the global evolution of cryptocurrency and its potential impact on Pakistan's economy.
"The crypto council will oversee policy development, address regulatory challenges, and ensure that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner," the finance division said after the meeting. "The council will also collaborate with friendly countries to develop standardized frameworks for international digital economic engagement."