Pakistan’s Finance Secretary, Imdadullah Bosal, has confirmed that cryptocurrency remains banned in the country, despite growing public interest and the formation of a national crypto council. Speaking before the National Assembly’s Standing Committee on Finance, Bosal clarified that both the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) have not lifted their bans on crypto trading.
The committee, chaired by MNA Nafisa Shah, raised serious concerns over the increasing hype surrounding cryptocurrency in Pakistan, despite the absence of legal status or regulatory approval. Members expressed confusion and criticism over the formation of the Pakistan Crypto Council while crypto remains outlawed.
Bosal explained that the council, established through an executive order by the prime minister, serves only as an advisory body to explore regulatory possibilities. “The work on cryptocurrency is still at a preliminary stage,” he said, noting that a legal and regulatory framework has yet to be drafted and will require parliamentary approval before any progress can be made.
SBP officials reiterated that cryptocurrency is not recognized as legal tender in Pakistan. Similarly, the Federal Board of Revenue (FBR) described the crypto council as a task force assigned with exploratory responsibilities, not regulatory authority.
MNA Sharmila Faruqui strongly opposed any early promotion of cryptocurrency, warning of risks related to money laundering, terror financing, and tax evasion. “Without a proper regulatory framework, people are being misled into thinking crypto is legalized,” she stated.
MNA Mirza Ikhtiar Baig criticized what he described as contradictory government actions. “You say crypto is banned, yet you’ve allocated 2,000 megawatts of electricity for it?” he asked, warning that people could lose their money if cryptocurrency is never legally approved. He called for a public advisory warning investors to proceed at their own risk.
Committee Chair Nafisa Shah noted that, globally, cryptocurrency is considered a commodity, not legal tender. Members urged the government to issue a clear public statement to eliminate confusion and prevent the public from being misled.
MNA Shahram Tarakai warned that if the government does not act swiftly, “billions of dollars could leave the country through crypto, and later we’ll be left wondering what went wrong.”
The committee decided to summon members of the Pakistan Crypto Council for a detailed briefing in the next session, aiming to clarify the country’s future direction on digital currencies.
Meanwhile, Pakistan has announced the establishment of its first strategic Bitcoin reserve. This was revealed by Bilal bin Saqib, Special Assistant to the Prime Minister for Crypto and Blockchain, at the Bitcoin Vegas 2025 conference in the United States.
During his address, Bilal emphasized Pakistan’s digital potential, pointing out that the country has over 40 million crypto wallets and a predominantly young population. “Our youth are online and on-chain. Pakistan is now being recognized for its future potential in the crypto space,” he said.
