ISLAMABAD: Finance Minister Muhammad Aurangzeb has convened a meeting of the Pakistan Crypto Council (PCC) on Monday to review the legal and regulatory framework for digital currencies, a day after two major stakeholders under his portfolio insisted that cryptocurrency remains banned in the country.

“The meeting will serve as a strategic forum to deliberate on the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in Pakistan,” the Ministry of Finance said on Friday.

Mr Aurangzeb, who is also the PCC chairman, will preside over the meeting. Bilal Bin Saqib, the prime minister’s special assistant on blockchain and crypto, will participate in his capacity as the council’s CEO.

The meeting will also be attended by other council members, including the State Bank of Pakistan (SBP) governor, chairman of the Securities and Exchange Commission of Pakistan (SECP), secretary of the Law and Justice Division, and secretary of the Ministry of Information Technology and Telecommunication.

PCC to review legal, regulatory framework for digital currencies on Monday

Key items on the PCC meeting 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 establishing the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and cryptocurrency ecosystem in the country.

The Pakistan Crypto Council aims to lay the foundation for a secure, transparent, and innovation-friendly regulatory environment, with a view to promoting the responsible adoption of blockchain technology, protecting investors, and enhancing financial inclusion, the Ministry of Finance said.

“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.

However, the meeting comes in the wake of conflicting signals from within the government itself. On Thursday, both the SBP and the Finance Division informed the National Assembly’s Standing Committee on Finance that cryptocurrency is currently banned and all transactions involving digital currencies are illegal under prevailing regulations.

Finance Secretary Imdadullah Bosal stated that even the finance minister-led Pakistan Crypto Council, formed recently to explore digital asset policy, was constituted by the prime minister through an executive order without any legislative backing. He also informed lawmakers that a cryptocurrency ban was 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.

Sohail Jawad, an executive director of the SBP, said the central bank had previously issued a directive declaring the legal status of Bitcoin and other cryptocurrencies illegal, and that stance remains intact. In fact, the Financial Monitoring Unit (FMU) continues to refer crypto-related cases to law enforcement agencies for further action, he said on Thursday.

He said a national working group on digital currency had been established, and suggestions had also been provided to the PCC.

This had led to criticism from MNAs for risking the investments of the people in a new currency that lacked legal safeguards, yet was still being promoted at the top level, which could also raise concerns about money laundering and the flight of foreign exchange abroad.

The parliamentary debate coincided with the unveiling of the country’s first government-led Strategic Bitcoin Reserve by Mr Saqib, CEO of the Pakistan Crypto Council.

An official statement released by the Ministry of Finance stated that the unveiling was held in Las Vegas, United States, at an event for an elite audience that included US Vice President J.D. Vance and the sons of US President Donald Trump, Eric Trump and Donald Trump Jr.

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

Published in Dawn, May 31st, 2025