State Bank of Pakistan lifts ban on cryptocurrency trading
ISLAMABAD: In a landmark decision, the State Bank of Pakistan (SBP) has lifted its ban on the buying and selling of cryptocurrencies, signaling a major policy shift in the country’s financial landscape.
The development was confirmed by the SBP Deputy Governor during a meeting of the Senate Standing Committee on Finance. He said the central bank has also started preparations for a pilot phase of the ‘Digital Pak Rupee,’ a step towards digitizing Pakistan’s economy.
The announcement came alongside significant progress on the Virtual Asset Authority Bill. The Senate Standing Committee on Finance approved several key clauses of the bill, which will provide the legal and regulatory framework for cryptocurrency trading once the rules are finalized.
“Cryptocurrency trading will become legal once the relevant regulations are notified,” the SBP Deputy Governor clarified, stressing that safeguards and proper oversight will be built into the system.
The decision is being seen as a turning point for Pakistan’s financial and digital sectors. Until now, the SBP had maintained a strict ban on cryptocurrencies, citing concerns about money laundering, terror financing, and lack of regulatory control. However, growing global adoption and domestic demand appear to have prompted a rethink.
Experts believe the move could open up new investment avenues and bring Pakistan closer to global trends in digital finance. “This is a positive step that could attract foreign investment, create jobs, and integrate Pakistan into the evolving global crypto economy,” one financial analyst commented.
With the approval of the Virtual Asset Authority Bill and the upcoming pilot of the ‘Digital Pak Rupee,’ Pakistan now appears set to embrace both regulated cryptocurrency trading and central bank digital currency. The shift could redefine how Pakistanis invest, save, and transact in the coming years.
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