Pakistan is gearing up to legalise cryptocurrency trading, marking a significant policy shift that could position the country as a key player in the global blockchain economy. In an interview with Bloomberg TV on Thursday, Bilal bin Saqib, the newly appointed CEO of the Pakistan Crypto Council (PCC), confirmed the government’s intention to establish a regulatory framework for digital assets.
The move comes as Pakistan seeks to attract foreign investment and integrate blockchain technology into its economic framework. Despite longstanding warnings from the State Bank of Pakistan about the risks of fraud, money laundering, and financial instability, crypto adoption in the country has surged, placing Pakistan ninth globally in terms of usage. “The demand is too large to ignore,” said Saqib, noting that 15–20 million Pakistanis are already active in the crypto space.
Saqib pointed to several factors driving the shift, including the potential for economic growth, technological advancement, and new revenue streams. A regulated crypto market could allow the government to tax capital gains and trading activities, reducing fiscal deficits and dependency on international loans.
The country has received over 20 loans from the International Monetary Fund (IMF) since 1958, including a $7 billion bailout approved in September 2024. With Pakistan now among the top five IMF debtors, officials are seeking sustainable financial solutions. The IMF has also recommended that Pakistan bring crypto gains into its tax net to help repay bailout loans.
The government recently established the Pakistan Crypto Council, tasked with drafting regulations, ensuring compliance with global standards, and fostering blockchain innovation. Led by Finance Minister Muhammad Aurangzeb, the council includes top officials from the central bank, securities commission, and federal ministries.
As countries like the US and UAE adopt pro-crypto policies, global momentum is influencing Pakistan’s decision. Meanwhile, neighboring India remains cautious, although recent reports suggest it may be reconsidering its stance.
Legalising crypto could mark a transformative moment for Pakistan’s digital economy, with the potential to unlock new financial opportunities while addressing deep-rooted economic challenges.
