Sunday, Jun 08, 2025 | 11 Dhul-Hijjah 1446
Sunday, Jun 08, 2025 | 11 Dhul-Hijjah 1446
The Pakistan Crypto Council (PCC), a Pakistani regulatory body that oversees and promotes blockchain technology, will convene a high-level meeting on Monday, 2nd June 2025, to deliberate on the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in the country.
The PCC meeting will be chaired by Finance Minister Muhammad Aurangzeb, read a statement released by the Ministry of Finance on Friday.
Meanwhile, Bilal Bin Saqib, the recently appointed Special Assistant to the Prime Minister (SAPM) on Blockchain and Crypto, will participate in his capacity as the Chief Executive Officer of PCC.
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, read the statement.
The PCC aims to lay the foundation for a secure, transparent, and innovation-friendly regulatory environment, to promote responsible adoption of blockchain technology, protecting investors, and enhance financial inclusion, it added.
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“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,” read the statement.
The meeting will also be attended by members of the Council, including the Governor, State Bank of Pakistan (SBP); Chairman, Securities and Exchange Commission of Pakistan (SECP); Secretary, Law & Justice Division; and Secretary, Ministry of Information Technology & Telecommunication.
On Thursday, the State Bank of Pakistan (SBP) and the Ministry of Finance disclosed to the National Assembly Standing Committee on Finance that cryptocurrency is not legal in Pakistan and trading of cryptocurrencies is not permitted in the country.
Both the SBP and the Finance Ministry stressed the need for a robust legal framework for the trading of cryptocurrency in the country. “Presently, cryptocurrency is banned in Pakistan,” they added.
According to the SBP officials, “the SBP in 2018 issued instructions to the banks to prohibit trading of cryptocurrency in the country. Till now, it is not a legal tender. The SBP has given its recommendations to the Crypto Council.”
