ISLAMABAD – Cryptocurrency transactions are still banned in Pakistan while regulatory body Pakistan Digital Assets Authority (PDAA) making global headlines with first-ever Strategic Bitcoin Reserve at an international crypto conference.
Regulatory confusion grew and concerns were raised in the National Assembly’s Standing Committee meeting in which Finance, Finance Secretary Imdadullah Bosal said digital currencies like Bitcoin are still illegal in Pakistan, confirming that State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) continue to prohibit crypto trading, and there is no approved legal or regulatory framework in place.
Bosal said formation of Pakistan Crypto Council is only primary step and holds no regulatory authority. Any move toward regulation must go through Parliament.
Crypto Status in Pakistan
NA committee expressed strong concerns over confusion being created among masses, especially in light of government’s recent international announcement. Amid contrasting development, lawmakers warned that announcement may mislead people into thinking cryptocurrency is now legalized.
Lawmakers criticised the move, citing serious risks such as terror financing, money laundering, and tax evasion. Officials called out government’s contradictory position, saying if crypto is banned, why are we setting up a Bitcoin reserve and allocating national resources?
People are also looking for transparency and public awareness, saying crypto is treated as a commodity, not as legal tender. The committee unanimously agreed to summon the Pakistan Crypto Council in its next session for a detailed explanation of the government’s direction.
While South Asian nation appears to be exploring blockchain’s potential, officials made it clear: cryptocurrency remains illegal for public use and trade, and until legislation is passed, that position stands unchanged.
Pakistan setting up ‘government-led’ strategic Bitcoin reserve, reveals Bilal Bin Saqib
