Pakistan has inaugurated a new crypto council as the country prepares to adopt blockchain technology. According to reports, Pakistani Prime Minister Shehbaz Sharif, on Friday, signed off on the formation of a Pakistan Crypto Council. The group will be mandated to introduce guidelines for the crypto industry in the country.
According to the reports, the guidelines will cover several aspects of the cryptocurrency industry in the country, with an emphasis on the launching of a digital currency. The directive, which is backed by all major stakeholders, will see the formation of a five-member council that will be chaired by the Finance Minister Muhammad Aurangzeb.
Aside from Finance Minister Aurangzeb, another member of the Council is the Minister’s chief advisor Bilal Bin Sadiq, who will serve as the Chief Executive Officer of the council, the Ministry of Finance memo said.
Pakistan to set up new crypto regulatory guidelines
The new development is coming after a five months delay in the plans to make digital currencies a legal tender by amending the existing regulations in the country. According to reports, the federal government has proposed amendments in the State Bank of Pakistan (SBP) Act that will install digital currencies as legal tenders. However, the law is still pending cabinet approval. One of the issues is a disagreement related to dual nationality.
In November 2024, the Ministry of Finance submitted a proposal, making a dozen amendments to the SPB Act, which was cross-checked by the Ministry of Law. Some of the amendments were related to allowing dual nationals become governors and deputy governor of the SBP and adopting digital currencies. However, the bill has met strict opposition from the PM, with Sharif blocking the approval on three occasions.
The proposal to amend the SBP Act discussed the concept of digital currency in the country for the first time. Before now, the SBP had always warned the public against the use of the currencies, rejecting several proposals relating to digital assets. According to sources, the government decided to look into the currencies by forming the council after a lengthy consultation with the civil and military authorities. The Finance Minister also met with delegations from the United States, with their conversation centered around digital initiatives.
Crypto council formation signifies a shift toward blockchain technology
In a statement by the Finance Ministry, the Pakistan Crypto Council signals a major shift in the country’s regulation of the cryptocurrency industry. It also shows that the country is serious about its adoption of blockchain technology, which it says will be integrated into its financial landscape. The council will be charged with formulating policies, fostering innovation, and ensuring that the country embarks on a crypto-forward approach.
Other members of the Crypto Council include the State Bank of Pakistan (SBP) governor, the chairman of the Securities and Exchange Commission of Pakistan (SECP), the federal law secretary, and the federal Information Technology secretary. The diverse leadership will ensure that regulatory oversight, financial stability, legal framework, and technological advancements are aligned with Pakistan’s crypto ecosystem.
The formation of the group also signifies the intention of the government to position the country at the forefront of the global shift towards blockchain technology. Pakistan aims to use regulatory clarity and structured approach to create a safe and secure environment that will attract investors, businesses, and other parties in the crypto space. Aurangzeb mentioned that the world is moving towards digital finance, and Pakistan wants to make the move.
“The establishment of the Pakistan Crypto Council is a step toward embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system,” said Aurangzeb. He also added that the country wants to create a responsible and progressive crypto industry that can contribute to the economic growth of the country.
Sadiq mentioned that the council will not just focus on regulations, but will provide an ecosystem where digital finance and blockchain can thrive. “Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritizing security, transparency, and innovation,” he said. According to Sadiq, the council is also mandated to protect consumers and ensure financial security using robust legal and compliance frameworks.
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