Updated 30 May, 2025 08:37am
Crypto policy in disarray as SBP, ministry insist ban is still in place
Khaleeq Kiani
• SBP exec says crypto transactions illegal, cases being referred to law enforcement
• Finance secretary says legal framework will only be introduced if govt legalises crypto
• Pakistan unveils first govt-led Strategic Bitcoin Reserve
ISLAMABAD: Amid growing official promotion of Bitcoin adoption, both the State Bank of Pakistan (SBP) and the Ministry of Finance (MoF) on Thursday said that cryptocurrency remains banned in the country and all its transactions are illegal under current regulations.
During a meeting of the National Assembly’s Standing Committee on Finance and Revenue, Finance Secretary Imdadullah Bosal said that although the prime minister had recently formed a Crypto Council — chaired by the finance minister — through an executive order to explore digital asset policy, a cryptocurrency ban is intact under SBP and SECP regulations.
“There will be a legal framework only when the government formally takes a decision, but the current legal status is that crypto is not a legal tender in Pakistan,” Mr Bosal said, conceding that no parliamentary backing exists for cryptocurrency use.
Mr Bosal also reconfirmed later to journalists that the federal budget would be announced on June 10 and discussions with the International Monetary Fund were ongoing virtually on budget estimates and proposed measures. He said the Asian Development Bank was expected to approve an $800 million loan to Pakistan on June 3.
Committee members expressed confusion over the government’s approach. Mirza Ikhtiar Baig questioned why the public was being encouraged to invest in crypto when it remained legally banned, warning that investors could face serious consequences.
Mohammad Mobeen wondered why the government was dealing with the subject of Bitcoins and cryptocurrency instead of the SBP. He stressed that while the government was calling crypto illegal, it had simultaneously allocated power capacity for mining operations.