Pakistan Fast-Tracks Crypto Integration in Banking Sector
Federal government is accelerating efforts to introduce cryptocurrencies into the formal financial system. A high-level meeting held on Tuesday discussed how virtual currencies could be used in banking, foreign exchange, and gold trading sectors.
Officials attending the session were briefed on the potential benefits of digital currencies. Bilal Bin Saqib, who serves as both the CEO of the Pakistan Crypto Council (PCC) and special assistant to the Prime Minister on blockchain, gave a detailed presentation. He underlined how the adoption of cryptocurrencies could help modernise the economy and encourage digital transactions.
Participants were reportedly told that the State Bank of Pakistan (SBP) intends to issue licenses for financial institutions involved in crypto trading. A banking representative suggested that setting up regional field offices could help expand the use of virtual assets and promote accessibility.
Government insiders revealed that the administration is keen to integrate crypto technologies swiftly, despite concerns about market instability. Saqib, however, downplayed the speculative risks and stressed the long-term value of blockchain-based systems.
Globally, central banks have largely remained cautious about digital currencies, although interest in regulatory frameworks is growing. In Pakistan, SBP Governor Jameel Ahmed recently announced a pilot project for a digital currency and hinted at legislation under development for regulating crypto assets.
The SBP and the Finance Ministry are now working jointly with the PCC to prepare legal guidelines. Experts have welcomed the initiative but cautioned against potential risks, citing the unpredictable prices of cryptocurrencies like Bitcoin.
