Pakistan Embraces Cryptocurrencies: A New Era of Digital Assets

Pakistan Embraces Cryptocurrencies: A New Era of Digital Assets

Pakistan steps into the future of finance. The State Bank of Pakistan (SBP) now allows cryptocurrencies under strict rules. This change opens doors for safe digital investments.

People in Pakistan have already put about $21 billion into cryptocurrencies. Leaders see the need to control this growing trend.

SBP Withdraws Old Ban on Cryptocurrencies

The SBP plans to cancel its old rule that called cryptocurrencies illegal. Dr. Inayat Hussain, the Deputy Governor, shared this news in a meeting with the Senate Finance Committee.

Senator Saleem Mandviwalla led the group. They talked about making a safe space for digital money.

Introducing the Digital Rupee

The SBP works on a new digital currency called the digital rupee. Only the SBP will issue it.

This digital rupee lets people buy virtual assets legally. It keeps everything under control.

The Virtual Asset Bill 2025

A new law, the Virtual Asset Bill 2025, covers the whole country. It sets up a Virtual Asset Regulatory Authority.

This group handles licenses, rules, and checks on virtual assets. Barrister Syed Shehroze explained that people can move and use these assets in Pakistan.

But, you cannot use them to buy things, services, or invest outside the system.

Protecting Investors and Fighting Risks

The bill adds strong protections for users. It makes sure investments stay secure.

The SBP teams up with companies to build the digital currency. They set up offices in Pakistan for these deals.

Rules will also cover selling virtual assets abroad. Everything follows global standards.

Who Runs the Regulatory Authority?

The authority’s board includes top leaders. The SBP Governor, Finance Secretary, Law Secretary, IT Secretary, and others join.

The group also has heads from FBR, SECP, and Digital Pakistan. The DG FIA sits on the board too.

The committee wants to add a National Assembly member and a Senator. They suggest the Chairman needs at least five years of experience and should be under 55 years old.

But, they allow an exception for a second term.

Fees, Limits, and Privacy Concerns

Senator Afnan Ullah wants fees based on percentages for service providers and exchanges.

He questions the $10,000 limit on deals. Senator Mohsin Aziz says remove all limits.

Data privacy matters a lot. Service providers must protect user info.

No one should misuse data for personal gain. Board members cannot share secret info or trade based on it.

They cannot let family members benefit either.

Funding and Independence

The government funds the authority at first. Later, it earns from licenses, fines, and fees.

The authority works on its own. It creates a safe place for virtual assets.

Aligning with Global Standards

The bill follows FATF rules. It fights money laundering and terror funding.

The Senate Finance Committee likes the plan. They will talk more in the next meeting to finish the bill.

This move helps Pakistan join the digital world safely.