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#broccoli Finance secretary says ban on cryptocurrency still in place, stresses need for regulation

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Finance secretary says ban on cryptocurrency still in place, stresses need for regulation
Finance Secretary Imdadullah Bosal on Thursday said that the ban on cryptocurrency was still in place across Pakistan, stressing the need for its regulation.

The State Bank of Pakistan (SBP) does not recognise crypto assets, which are digital currencies in which transactions are verified and recorded by a decentralised system. The SBP issued a formal notice in 2022 advising the general public to be cautious of and refrain from trading cryptocurrencies.

During today’s meeting of the National Assembly Standing Committee on Finance, PPP MNA Sharmila Farooqi introduced a bill on digital currency regulations, prompting different remarks from committee members.

“There are no regulations for cryptocurrency,” Farooqui said, adding that since Pakistan was moving towards digital currency, cryptocurrency should be decentralised.

She highlighted Pakistan’s exit from the ‘grey list’ of the Financial Action Task Force (FATF) — a global money laundering and terrorism financing watchdog — and said, “How will Pakistan protect cryptocurrency from money laundering?”

In 2018, Pakistan was placed on the so-called ’grey list’ for allegedly failing to take adequate measures to curb terror financing and money laundering. The country was removed from the list in 2022.

While highlighting the SBP’s ban on crypto investment, Bosal said, “Preliminary work is underway in the Crypto Council but there is a need for proper regulations for cryptocurrency.”

The Pakistan Crypto Council (PCC) was officially launched in March this year to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.

According to SBP official Sohail Jawad, there was a legal framework required for cryptocurrency. “The National Working Group on Digital Currency has been established, while suggestions have been given to the Crypto Council,” he said.

Updated 30 May, 2025 08:37am

Crypto policy in disarray as SBP, ministry insist ban is still in place

Khaleeq Kiani

• SBP exec says crypto transactions illegal, cases being referred to law enforcement
• Finance secretary says legal framework will only be introduced if govt legalises crypto
• Pakistan unveils first govt-led Strategic Bitcoin Reserve

ISLAMABAD: Amid growing official promotion of Bitcoin adoption, both the State Bank of Pakistan (SBP) and the Ministry of Finance (MoF) on Thursday said that cryptocurrency remains banned in the country and all its transactions are illegal under current regulations.

During a meeting of the National Assembly’s Standing Committee on Finance and Revenue, Finance Secretary Imdadullah Bosal said that although the prime minister had recently formed a Crypto Council — chaired by the finance minister — through an executive order to explore digital asset policy, a cryptocurrency ban is intact under SBP and SECP regulations.

“There will be a legal framework only when the government formally takes a decision, but the current legal status is that crypto is not a legal tender in Pakistan,” Mr Bosal said, conceding that no parliamentary backing exists for cryptocurrency use.

Mr Bosal also reconfirmed later to journalists that the federal budget would be announced on June 10 and discussions with the International Monetary Fund were ongoing virtually on budget estimates and proposed measures. He said the Asian Development Bank was expected to approve an $800 million loan to Pakistan on June 3.

Committee members expre­ssed confusion over the government’s approach. Mirza Ikhtiar Baig questioned why the public was being encouraged to invest in crypto when it remained legally banned, warning that investors could face serious consequences.

Mohammad Mobeen wondered why the government was dealing with the subject of Bitcoins and cryptocurrency instead of the SBP. He stressed that while the government was calling crypto illegal, it had simultaneously allocated power capacity for mining operations.
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