ISLAMABAD: Pakistan’s top financial authorities have confirmed that cryptocurrency is still illegal in the country. This comes even as the government promotes digital assets like Bitcoin. The State Bank of Pakistan (SBP) and the Ministry of Finance both said crypto transactions remain banned under current laws.
Finance Secretary Imdadullah Bosal told parliament that no legal framework exists for crypto in Pakistan yet. He said a new policy would only happen if the government officially legalises crypto. Meanwhile, SBP’s Sohail Jawad confirmed the central bank’s 2024 directive still stands — all crypto use is illegal and referred to law enforcement.
Lawmakers expressed confusion over the government’s mixed signals. Some questioned why people were encouraged to invest in crypto if it was illegal. Others noted that the government had set up crypto mining zones and a council to explore digital assets. Still, SBP insists it does not recognise cryptocurrencies as legal assets.
At the same time, the Pakistan Crypto Council revealed the country’s first Strategic Bitcoin Reserve. CEO Bilal Bin Saqib announced it in Las Vegas, alongside US officials. He claimed Pakistan was “rebranding” as a leader in digital innovation. He also launched a national Bitcoin wallet, saying the digital assets were state-held reserves.
Critics say this approach sends a mixed message. While SBP warns against crypto, officials promote it globally. Experts and lawmakers say Pakistan must urgently fix this policy mess. They warn that without clear rules, the public faces risks and the economy may suffer from unregulated digital money flows.