Crypto Council to meet on June 2 for digital currency regulations
The Pakistan Crypto Council (PCC) will hold a meeting on June 2 to discuss digital currency regulations, the Ministry of Finance said on Friday.
The PCC was officially launched in March to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.
According to a press release by the finance ministry, the meeting will be chaired by the Finance Minister Muhammad Aurangzeb, serving as a “strategic forum to deliberate on the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in Pakistan”.
PCC Chief Executive Officer Bilal Bin Saqib will also participate in the meeting, along with other PCC members, the press release said.
It also said, “Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements.
“A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country.”
The finance ministry said the PCC aims to establish a “secure, transparent, and innovation-friendly regulatory environment”, to promote “responsible adoption of blockchain technology, protecting investors, and enhancing financial inclusion”.
“The upcoming meeting underscores the government’s commitment to shaping a future-ready financial infrastructure while ensuring stability and compliance in the emerging digital economy,” it added.
A day earlier, the National Assembly Standing Committee on Finance held a meeting, where PPP MNA Sharmila Farooqi introduced a bill on digital currency regulations. Finance Secretary Imdadullah Bosal said that the ban on cryptocurrency was still in place across Pakistan, stressing the need for its regulation during the meeting.
The same day, Saqib had unveiled the country’s first government-led Strategic Bitcoin Reserve. In his keynote speech, he announced the establishment of a national bitcoin wallet, “holding digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance”.
Cryptocurrencies are gaining momentum globally as the number of use cases is increasing and many countries are now making them legal. However, it has had a mixed reception by regulators globally.
In some countries, like El Salvador, it has legal tender status, while in others, including Pakistan, India and China, it is not accepted as payment for goods and services, nor can one own it legally, though it is not officially banned either.