SBP says cryptocurrencies not illegal in
Pakistan
The State Bank of Pakistan (SBP) has clarified
that its 2018 advisory did not declare virtual assets (VAs), such as
cryptocurrencies, illegal. Instead, the advisory instructed regulated
entities—including banks, microfinance institutions, electronic money issuers,
and exchange companies—to avoid engaging with virtual assets due to the absence
of a legal and regulatory framework at the time.
This clarification follows recent media reports
surrounding the 14th meeting of the National Assembly’s Standing Committee on
Finance and Revenue. The SBP explained that its original stance aimed to
protect financial institutions and their customers from potential risks
associated with unregulated digital assets.
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The central bank also confirmed that it is
collaborating with the Finance Division and the Pakistan Crypto Council (PCC),
a government-formed body, to create a comprehensive legal and regulatory
framework for virtual assets in Pakistan. “A well-defined regulatory structure
will bring legal certainty while ensuring the protection of consumers and
investors,” the SBP said in a statement.
Pakistan
Launches Strategic Bitcoin Reserve
In a related development, Pakistan has
unveiled its first government-backed Strategic Bitcoin Reserve. The
announcement was made by Bilal Bin Saqib, CEO of the Pakistan Crypto Council
and Special Assistant to the Prime Minister on Blockchain and Cryptocurrency,
during his keynote speech at the Bitcoin 2025 conference in Las Vegas.
The event saw the participation of prominent
figures including U.S. Vice President JD Vance, Eric Trump, and Donald Trump
Jr. Saqib extended gratitude to U.S. President Donald Trump for his role in
reducing India-Pakistan tensions and for supporting global cryptocurrency
innovation—both of which, he said, inspired Pakistan's crypto initiatives.
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He
emphasized that the national Bitcoin reserves will be held in a secure,
government-owned wallet and treated as a long-term strategic asset. “These
reserves are not intended for short-term speculation,” Saqib stressed,
underlining the government's focus on long-term planning and financial
stability in the digital asset space.
Source: Nation