Tag: Pakistan

Pakistan’s Crypto Revolution: Finance Minister Vows to Build Web3 Future

Pakistan is officially stepping into the Web3 world—and it’s not looking back.

Pakistan Vows to Keep “Building in Crypto,” Says National Crypto Council Head

In a bold new video statement, Finance Minister and Crypto Council head Bilal Bin Saqib declared, “Pakistan will keep building in crypto.” The phrase, made popular in the blockchain world by Binance’s CZ, signals The nation’s full-speed commitment to the crypto space.

Bilal says the country is working on turning excess electricity—a long-time national liability—into “digital gold” through sustainable Bitcoin mining. He also revealed plans to build a crypto-friendly framework that doesn’t kill innovation but encourages it.

Pakistan Ministry of Finance

He called the launch of the National Crypto Council a “sign of change,” showing that the government is serious about Web3. The council, officially launched on March 14, is tasked with regulating digital assets and encouraging crypto entrepreneurship across the country.

Bilal outlined future goals: blockchain hubs at universities, open calls to the global Pakistani developer community, and policies designed around youth potential and economic realities.

And the nation isn’t doing it alone—Bin Saqib recently joined Donald Trump’s World Liberty Financial as a strategic advisor. Also on board? Binance’s CZ, now advising the council directly.

Pakistan’s message is clear: it’s done waiting—and it’s ready to build.

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Pakistan Offers Legislation to Acknowledge Digital Currency

Summary

In an effort to establish a central bank digital currency (CBDC), the State Bank of Pakistan (SBP) has suggested that digital currencies be officially recognized as legal money. The framework, if implemented, will drastically change the country’s position on cryptocurrencies by giving the SBP the ability to keep an eye on digital assets and punish unapproved issuers.

X (formerly Twitter) post regarding Pakistan’s legislation

A Novel Approach to Digital Currency Recognition

To enable digital currencies to be accepted as official forms of currency, the State Bank of Pakistan has proposed changes to the State Bank of Pakistan Act. Adoption of this idea would allow the SBP to issue digital currency, which would fundamentally change the country’s view of digital assets.

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Legal Cryptocurrency Tender Status

According to the suggestion, it would be lawful for Pakistan to accept digital currencies like Bitcoin as payment methods. In contrast to the SBP’s previous cautious approach to virtual assets, legal tender status allows these digital currencies to be used for debt payments, products, and services.

Penalties and SBP Oversight for Unauthorized Issuers

The proposed framework grants the SBP the power to regulate both digital and conventional currency and includes provisions for punishing unlicensed digital currency producers. The goal of this monitoring is to further solidify the SBP’s authority over the nation’s financial system by reducing the issuance of unregulated digital currency.

Modification of Policy Concerning Dual Nationals in Executive Roles

The plan would also let dual nationals to occupy key roles within the SBP, reversing previous restrictions. In keeping with this measure are the government’s broader economic reforms aimed at modernizing Pakistan’s banking sector and attracting more expertise.

A Step Toward Digital Finance Modernization

The shift in Pakistan’s approach to digital assets supports the government’s economic goals, including projected GDP growth of 2.5-3.5%. As global finance becomes increasingly digital, Pakistan aims to keep pace by updating its regulatory framework to support a digital financial landscape.

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