Government Pushes for Crypto Use in Banks and Trading

The government is showing strong interest in fast-tracking the use of cryptocurrency in Pakistan. Most likely, the government is planning to use crypto in banks and trading. Sources say a high-level meeting was held on Tuesday, where officials discussed how virtual currencies could help improve the economy.

This move comes a day after another important meeting. In that session, representatives from the State Bank of Pakistan (SBP), the Finance Ministry, commercial banks, and foreign exchange companies met with senior security officials. The goal was to control the rising dollar rate, stabilise the exchange rate, and stop dollar smuggling to Afghanistan and Iran.

Government Pushes for Crypto Use in Banks and Trading

But the Tuesday meeting focused mostly on crypto. The Pakistan Crypto Council (PCC) CEO, Bilal Bin Saqib, gave a detailed presentation. He explained how virtual currencies could be used effectively in Pakistan.

Bilal Bin Saqib was appointed the PM’s special assistant on blockchain and cryptocurrency in May. He holds the status of a minister of state. According to a banker who attended the meeting, crypto discussions took up about 80% of the time.

“The message was clear — cryptocurrencies are the future of the global economy,” the banker said, requesting anonymity.

It appears the government wants to adopt cryptocurrencies quickly. This includes making them part of regular financial transactions and allowing banks, foreign exchange companies, and even gold traders to use them.

Some officials raised concerns about the risks. The prices of cryptocurrencies, like Bitcoin, are known to change rapidly. For example, Bitcoin can jump from $35,000 to $70,000 in a short period. But Mr. Saqib dismissed those worries, saying that the government and SBP are aware of the risks and are ready to handle them.

The State Bank of Pakistan is already working on plans to launch a pilot digital currency. On July 9, SBP Governor Jameel Ahmed confirmed this and said that new laws to regulate digital assets are also being prepared.

Currently, the SBP and Finance Division are working closely with the Pakistan Crypto Council to build a proper legal and regulatory framework for virtual assets.

See also: Pakistan Approves Virtual Assets Regulatory Authority to Oversee Cryptocurrency and Digital Finance

During Tuesday’s meeting, participants were also informed about how the central bank may start issuing licenses for crypto trading. This means financial institutions and banks could legally trade in cryptocurrencies.

One banker even suggested that field offices may be opened in big cities. These centres would help promote virtual transactions and make crypto more accessible to the public.

While many challenges remain, the government’s push shows a clear shift in policy. Pakistan seems ready to embrace crypto as a key part of its financial future.

For now, the focus is on building trust, creating strong laws, and educating banks and traders. If all goes as planned, Pakistan could soon join the global crypto movement in a major way.