ISLAMABAD: The government appears poised to fast-track the adoption of cryptocurrencies for banks, foreign exchange companies, and gold trading.
A day earlier, representatives from the State Bank of Pakistan (SBP), the finance ministry, commercial banks, and exchange companies met senior security officials to devise strategies for curbing the dollar’s surge, stabilizing the exchange rate, and halting the smuggling of US currency into Afghanistan and Iran.
Tuesday’s meeting, however, was dominated by discussions on cryptocurrency. Pakistan Crypto Council (PCC) CEO Bilal Bin Saqib delivered a detailed presentation on the potential use of virtual currencies in the country. Mr Saqib, who was appointed the Prime Minister’s special assistant on blockchain and cryptocurrency in May with the status of a minister of state, emphasised that “cryptos are the future currency for the changed economic world,” according to one participant.
Attendees reported that the presentation and Q&A session on cryptocurrencies consumed nearly 80 per cent of the meeting’s duration. Sources suggested that the government was eager to integrate cryptocurrencies into the economy as soon as possible, despite concerns over their volatility.
“Risks are still high, since the prices of cryptocurrencies fluctuate with wide margins, like Bitcoin prices could jump from $35,000 to $70,000,” said one financial expert. Mr Saqib, however, downplayed the speculative risks.
The SBP and the Finance Division are currently collaborating with the PCC to formulate a legal and regulatory framework for virtual assets. Earlier, on July 9, SBP Governor Jameel Ahmed had revealed plans to launch a pilot project for a digital currency and said legislation for virtual assets was being finalised.
On Tuesday, banks, foreign exchange companies, and gold traders were briefed on the benefits of virtual currencies. Participants were informed that the SBP would issue licences for crypto-trading banks and other financial institutions. One banker even hinted at the possibility of establishing field offices in major cities to expand access and promote virtual transactions.
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