Representations of virtual cryptocurrencies are seen in this illustration taken November 28, 2021. — Reuters
- FinMin Aurangzeb to chair meeting.
- PCC CEO Bilal Bin Saqib to attend session.
- Meeting to discuss framework to govern digital assets.
ISLAMABAD: The Pakistan Crypto Council (PCC) is set to hold a high-level meeting on June 2 to discuss the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in the country.
The meeting would be chaired by Minister for Finance and Revenue Senator Muhammad Aurangzeb, according to press release issued by finance ministry.
Special Assistant to the Prime Minister on Blockchain and Crypto, Bilal Bin Saqib would participate in his capacity as the PCC’s Chief Executive Officer.
The press release 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.
The PCC was constituted in March to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.
A day earlier, the Standing Committee on Finance of the National Assembly was apprised by the federal government that cryptocurrencies are still illegal and banned in Pakistan.
The same day, PCC CEO Saqib unveiled the country’s first government-led Strategic Bitcoin Reserve, marking a historic pivot in the nation’s digital and financial outlook.
Addressing a global audience that included US Vice President JD Vance, Eric Trump, and Donald Trump Jr, he positioned Pakistan as a forward-looking digital hub, powered by its tech-savvy youth and strengthened by a shift toward decentralised finance.
Bilal revealed that the reserve would not be used for speculation or trading but would serve as a sovereign holding, signalling long-term commitment to blockchain-based finance. The national Bitcoin wallet already holds assets under state custody.
Pakistan, a country that ranked 3rd in the Global Crypto Adoption Index, has 20 million active cryptocurrency users and $20bn+ in crypto transactions.
Currently, the country ranks in the top 10 in terms of crypto adoption. With $35bn in annual remittances, the country is poised to benefit from crypto adoption.
