ISLAMABAD: Remittance inflows to Pakistan could rise sharply to $50 billion from the current $38 billion if cryptocurrencies are legalized and effectively regulated, Chairman of the Exchange Companies Association of Pakistan Malik Bostan said during a meeting on Wednesday.
Industry stakeholders, including Zafar Paracha, Sheikh Sajid Hussain, Syed Zohaib, and Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority, attended the session to discuss the future of digital finance in the country.
Bostan stated that Pakistan is entering a new phase of digital transformation and will achieve stronger economic growth through modern financial systems. He explained that the legalization of cryptocurrencies, combined with a digital licensing regime, could significantly reduce transaction costs from nearly 6 percent to around 1 percent. Consequently, lower costs would encourage more overseas Pakistanis to send money through formal channels.
Furthermore, he noted that in the second phase of implementation, exchange companies will fully integrate into the digital framework. Authorities are already working to initiate transactions so the public can benefit from the new system without delay.
Bostan expressed confidence that once the framework becomes fully operational, remittance inflows will increase substantially, potentially reaching the $50 billion mark.
Meanwhile, Bilal Bin Saqib highlighted that under the proposed Crypto Council model, regulators will issue licenses to exchange companies in phases. Initially, firms will gain permission to open accounts after securing a no-objection certificate from the council.
The development comes as Pakistan advances toward formal regulation of virtual assets through PVARA, aiming to enhance transparency, attract investment, and bring digital finance into the documented economy.
