Pakistan’s government is moving swiftly toward integrating cryptocurrency into its financial ecosystem, aiming to bring digital currencies into mainstream banking, forex operations, and gold trading, according to a Wednesday media report quoted by PTI.A high-level conference held Tuesday focused on incorporating digital currencies within the formal financial framework. Pakistan Crypto Council (PCC) CEO Bilal Bin Saqib—appointed in May as the Prime Minister’s special assistant on blockchain and cryptocurrency with minister of state status—presented key insights on crypto adoption, as reported by Dawn.“We were told that the cryptos are the future currency for the changed economic world,” an anonymous banker told Dawn.Sources, quoted by PTI, familiar with the discussions noted a sense of urgency from the government regarding the widespread adoption of cryptocurrencies and their economic integration. While some participants voiced concern over potential risks, Saqib reportedly downplayed speculation-linked fears.Despite cryptocurrencies being active globally for years, most central banks have remained cautious. However, Pakistan seems poised to break that mold. On July 9, State Bank of Pakistan (SBP) Governor Jameel Ahmed announced the upcoming launch of a digital currency pilot programme and the development of legislation for virtual assets.The SBP, in collaboration with the Finance Division and the Pakistan Crypto Council, is working to create a regulatory and legal framework to govern digital currencies. A financial expert told Dawn, “Risks are still high, since the prices of cryptocurrencies fluctuate with a wide margin, like Bitcoin prices could jump from $35,000 to $70,000.”Nevertheless, the source indicated both the SBP and the government appeared ready to handle crypto transactions.Tuesday’s session also informed stakeholders- including banks, currency exchange firms, and gold traders- about the benefits of digital currencies. Participants were briefed on the SBP’s plans to issue cryptocurrency trading licences to financial institutions.One banking official suggested that regional crypto offices could be established in major cities to improve accessibility and boost adoption of digital transactions.
