ISLAMABAD: Pakistan is moving closer to officially opening its doors to cryptocurrency trading, following key approvals under the Virtual Asset Authority Bill.
Deputy Governor of the State Bank of Pakistan, Saleem Mandviwala, confirmed that several provisions of the bill particularly those related to the buying and selling of cryptocurrencies have been cleared during a recent meeting of the Senate Standing Committee on Finance.
He stated that the central bank is preparing to lift the long-standing ban on crypto transactions. “Trading in cryptocurrency will become legal as soon as the rules and regulations are finalized,” Mandviwala said, adding that work is already underway to establish the necessary framework.
At the same time, the State Bank has begun developing a Digital Pak Rupee pilot project, which will see commercial banks’ rupee holdings converted into digital form. Importantly, the digital currency will remain pegged to the Pakistani rupee, ensuring parity in its value.
Mandviwala further explained that once in place, cryptocurrency transactions in Pakistan will be carried out using digital Pak rupees, signaling a major shift in how financial assets are managed and exchanged in the country.
It is worth noting that earlier discussions within the Pakistan Virtual Assets Regulatory Authority had already considered scrapping the State Bank’s circular that banned crypto transactions, a move that now appears to be materializing.
With legislation advancing and infrastructure being built, Pakistan may soon join the list of countries embracing digital currencies though the timeline will depend on how quickly the regulatory framework is completed.
