Pakistan Eyes Crypto Legalization with New National Crypto Council
In a move that could reshape the future of digital finance in the region, Pakistan is seriously considering forming a National Crypto Council to explore the potential legalization of cryptocurrencies. This comes after a pivotal meeting between Pakistan’s Finance Minister, Muhammad Aurangzeb, and a foreign delegation that included top advisors linked to former US President Donald Trump.
According to reports from local media outlet Dawn, this council would bring together a diverse group of experts, government representatives, and regulatory authorities to create a framework for the country’s digital assets landscape. The mission? To craft policies that ensure crypto adoption in Pakistan is not just innovative but also secure, sustainable, and aligned with global standards.
With over 20 million Pakistanis already involved in the world of crypto, this is not just a trend—it’s a burgeoning ecosystem. But with the rise of crypto usage, come significant challenges, including hefty transaction fees. Minister Aurangzeb is looking to navigate this terrain by setting up a system that strikes a balance between regulation, economic viability, and the protection of consumers from financial crimes.
A Historic Shift: From Crypto Skepticism to Potential Legalization
Historically, Pakistan’s central bank and finance ministry have been wary of cryptocurrencies. In fact, just a few years ago, the State Bank of Pakistan (SBP) was advocating for a blanket ban on digital currencies. Aisha Ghaus Pasha, former Minister of State for Finance, famously dismissed the possibility of crypto legalization, emphasizing the risks of unregulated markets.
However, the winds seem to be changing under the leadership of Finance Minister Aurangzeb. Instead of sticking to a rigid stance, the minister has called for an “open mind” when it comes to regulating crypto. In 2024, the SBP took its first major step toward a digital future by proposing a Central Bank Digital Currency (CBDC) alongside guidelines for crypto trading. This suggests that Pakistan is exploring a multi-faceted approach, one that could allow for both the growth of digital assets and the integration of a state-backed digital currency.
Global Crypto Trends: Pakistan Follows the World’s Lead
Pakistan’s shift towards exploring crypto legalization mirrors a larger global trend. Countries like the United States, the UAE, and various European nations have taken concrete steps toward regulating cryptocurrencies in recent months. This regulatory shift is seen as a way to foster innovation while ensuring consumer protection in the volatile world of crypto. In fact, Pakistan’s move to consider crypto legalization places it in a growing club of nations ready to embrace blockchain technology in a regulated manner.
This is also in line with Pakistan’s efforts to align its policies with those of major economies. As digital currencies gain momentum globally, countries are increasingly seeing the potential for crypto to contribute positively to their economies—provided the proper regulatory frameworks are put in place.
Who’s Behind the National Crypto Council?
The upcoming council isn’t just a bureaucratic move; it’s a deliberate attempt to bring the right mix of expertise to the table. The foreign delegation that met with Finance Minister Aurangzeb included notable figures like Gentry Beach Jr., a business associate of former President Trump; Nikita Goldsmith, a tech entrepreneur; Alex Malkov, a consultant specializing in blockchain firms; and Jerad Finck, CEO of Cosmic Wire. Their visit was kept under wraps by the US Embassy, but their input could be a game-changer for Pakistan’s crypto trajectory.
This delegation isn’t just making casual conversation about the future of crypto; they represent a broader shift in global policy. Under Trump, the US has worked on reshaping its stance toward crypto, even appointing a “crypto czar” and forming a committee to explore the creation of a national digital asset stockpile. President Trump himself has even launched a memecoin, signaling the US’s increasing attention to crypto’s role in the global economy.
What’s Next for Pakistan’s Crypto Future?
As the National Crypto Council gears up to take shape, all eyes will be on how Pakistan crafts its crypto regulations. The country’s growing interest in digital assets could open the door to a range of opportunities—from crypto-based financial services to blockchain-driven innovations that could modernize various sectors.
For crypto enthusiasts, this marks a crucial development in South Asia, as Pakistan joins the ranks of nations exploring how digital currencies can coexist with traditional financial systems. If successful, it could set a precedent for other countries in the region, offering a blueprint for crypto legalization that balances innovation with regulation.
In the coming months, we’ll likely see further discussions around the structure of this council, the role of the State Bank of Pakistan, and the legal steps needed to make cryptocurrency a fully integrated part of Pakistan’s financial future. One thing is certain: the crypto conversation in Pakistan is just getting started, and it’s one that could echo across borders in the years to come.
