Pakistan Aligns with the US in Embracing Crypto Innovation

This meeting brought together key figures, including lawmakers, the governor of the Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan (SECP), and the federal IT secretary.

The meeting of the council of Islamic ideology and key government officials, including lawmakers, the governor of the Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan (SECP), and the federal IT secretary, was called to discuss the council’s initiative in advising the government on the permissibility of cryptocurrency transactions according to Islamic law.

The meeting was part of a broader goal by the council to position Pakistan as a global cryptocurrency hub by developing a regulatory framework to attract foreign investment, according to the information.

It was also discussed how to engage the youth of Pakistan in new technologies.

This meeting marks a significant shift in the government's stance on cryptocurrencies.

Earlier this year, there were reports that Pakistan is getting closer to regulating cryptocurrencies as legal tender, and it is also considering launching its own central bank digital currency (CBDC).

The meeting was part of a broader goal by the council to position Pakistan as a global cryptocurrency hub by developing a regulatory framework to attract foreign investment, according to the information.

It was also discussed how to engage the youth of Pakistan in new technologies.

This meeting marks a significant shift in the government's stance on cryptocurrencies.

Earlier this year, there were reports that Pakistan is getting closer to regulating cryptocurrencies as legal tender, and it is also considering launching its own central bank digital currency (CBDC).

However, in May, then-Minister of State for Finance and Revenue Aisha Ghaus Pasha said that the country would never legalize cryptocurrencies due to concerns over anti-money laundering regulations set by the Financial Action Task Force (FATF).

Pakistan's evolving crypto policies mirror recent developments in the U.S.

On November 4, 2024, the Pakistani government moved to regulate cryptocurrencies as legal tender—the same day as the U.S. presidential elections. After securing re-election, President Donald Trump lost no time in advancing pro-crypto policies.

Just days after his January 20, 2025, inauguration, Trump signed an executive order establishing the Working Group on Digital Assets, a federal advisory body tasked with overhauling digital asset regulations. Another executive order issued on January 23 explicitly banned the development of a central bank digital currency (CBDC).

By March 2025, the Trump administration had announced the creation of a Bitcoin strategic reserve alongside a digital asset stockpile that is expected to include cryptocurrencies developed by U.S.-based firms.