Pakistan’s cryptocurrency policy remains in flux as government officials and lawmakers respond to the recent announcement that Bitcoin has been added to the country’s strategic reserves. The development was disclosed by Bilal bin Saqib, Chair of the Pakistan Crypto Council and Special Assistant to the Prime Minister on cryptocurrency, during an address in Las Vegas. He stated that Pakistan has followed in the footsteps of the United States by officially recognizing Bitcoin as part of its financial reserves. However, this announcement has sparked significant concern and confusion among lawmakers, regulators, and financial experts at home.
The National Assembly’s Standing Committee on Finance, chaired by Nafisa Shah, convened to address the situation and expressed deep concern over what it described as a premature and uncoordinated approach toward digital currencies. The committee cautioned that the decision to include Bitcoin in the national reserve portfolio lacked clarity and was made without a comprehensive legal and technical framework. Committee members emphasized that exaggerated narratives and media hype around cryptocurrency have created unrealistic expectations, potentially exposing the country to financial volatility.
During the session, members questioned the scope and authority of the newly formed Pakistan Crypto Council. They called for full transparency regarding Bilal bin Saqib’s role and responsibilities, and demanded details on the council’s official mandate. While acknowledging the need for innovation, committee members urged that no strategic decisions be made without thorough evaluation, coordinated regulatory planning, and clearly defined public policies.
Finance Secretary Imdadullah Bosal informed the committee that Pakistan’s cryptocurrency policy is still under review and that the government has not finalized any legal recognition of digital currencies. He stated that both the Ministry of Finance and regulatory bodies are jointly working on assessing the implications of legalizing cryptocurrency, in collaboration with State Bank and SECP. The goal, he added, is to draft a policy framework that not only defines regulatory boundaries but also ensures consumer protection and financial system stability.
State Bank officials reinforced this position by confirming that cryptocurrencies currently do not hold legal status in Pakistan. All developments in this space, they said, have occurred outside the formal endorsement of the government or central bank. They emphasized that any official adoption of digital assets would require legislative approval and detailed policy planning.
The committee also raised alarm over unverified reports that 2,000 megawatts of electricity have been allocated for crypto mining operations. Lawmakers requested immediate verification of this figure and demanded justification for any such allocation, given the country’s existing energy challenges. The potential diversion of critical resources to an unregulated sector further heightened concerns about economic and infrastructure risks.
Despite continued interest from private investors in crypto markets, officials warned of the potential for substantial financial losses if these investments proceed without proper oversight. Members of the finance committee reiterated that while Pakistan explores digital finance, it must do so with clear legislation, coordinated strategy, and adherence to global standards. The priority, they stressed, must remain public financial safety and institutional credibility while considering any future path forward for cryptocurrency in the country.
