Despite renewed global attention on Pakistan’s interest in cryptocurrencies, top officials confirm that the country still bans all crypto activities. During a National Assembly finance committee meeting led by Nafisa Shah, Finance Secretary Imdadullah Bosal stated that neither the State Bank of Pakistan nor the Securities and Exchange Commission has legalized cryptocurrency. He emphasized that crypto is not recognized as legal money in Pakistan. “A regulatory framework can only be built after the government sets a clear policy,” he added.
This came just a day after Bilal Bin Saqib, Pakistan’s Crypto and Blockchain Minister and head of the Pakistan Crypto Council, drew attention with his keynote speech at Bitcoin Vegas 2025. He announced Pakistan’s first Bitcoin Reserve, which seemed to suggest official approval of cryptocurrencies.
However, committee members raised serious concerns. MNA Mirza Ikhtiar Baig questioned the contradiction by saying:
You say crypto is banned, but people are still investing. If it’s declared illegal tomorrow, their money will be gone. The government should issue a clear warning.
Another member, Muhammad Mubeen, pointed out further confusion. “On one hand, crypto is illegal. On the other hand, electricity is being allocated for it. How is the Crypto Council operating if there’s no legal framework?”
Member Shehram Tarakai warned that unregulated crypto trade might cause capital to leave Pakistan. He said, “Millions of dollars could be sent out of the country through crypto soon. The government will have little control.”
In response, the Finance Secretary explained that the Pakistan Crypto Council was formed through an executive order only to study regulations. He clarified that any official authority will need formal approval from Parliament.
The finance committee has called the heads of the Crypto Council for more details in their next session.
A L S O R E A D: Pakistan’s Crypto Revolution: Bilal Bin Saqib Unveils Bitcoin Reserve, Calls on Builders to Join the Mission
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