Pak Govt Declares Crypto Illegal Just a Day After Bilal Bin Saqib Unveiled National Bitcoin Reserve
Despite a renewed global spotlight on Pakistan’s crypto ambitions, top government officials have confirmed that cryptocurrency remains banned in the country. During a National Assembly finance committee meeting chaired by Nafisa Shah, Secretary of Finance Imdadullah Bosal stated that the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) have not legalized cryptocurrency in Pakistan. He clarified that cryptocurrency is still not recognized as legal tender in Pakistan. “Only once the government makes a policy decision can a regulatory framework be developed,” he said.
This statement comes just a day after Bilal Bin Saqib, Minister for Crypto & Blockchain and CEO of the Pakistan Crypto Council, made headlines by delivering a keynote at Bitcoin Vegas 2025. There, he proudly introduced Pakistan’s first Strategic Bitcoin Reserve, an announcement that appeared to signal state-level acceptance of crypto.
However, committee members raised serious concerns. MNA Mirza Ikhtiar Baig questioned the contradiction by saying,
You say crypto is banned, but people are still investing. If it’s declared illegal tomorrow, their money will be gone. The government should issue a clear warning.
Another member, Muhammad Mubeen, pointed out further confusion. “On one hand, crypto is illegal. On the other hand, electricity is being allocated for it. How is the Crypto Council operating if there’s no legal framework?”
Member Shehram Tarakai warned that unregulated crypto activity could soon lead to capital flight, saying, “Soon, millions of dollars could exit the country through crypto. The government will be left scrambling.”
In response, Secretary Finance said that the Pakistan Crypto Council was created under an executive order only to study regulatory models, not as a fully authorized institution. He clarified that any regulatory authority will need formal approval from Parliament.
The finance committee has now summoned the chairman and members of the Pakistan Crypto Council for a detailed briefing in its next session.
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