The government of Pakistan has launched the Pakistan Crypto Council (PCC) to supervise the integration and application of blockchain technology and digital assets within the nation’s financial system. Announced through a statement from the Finance Division, the initiative aims to regulate, promote, and incorporate cryptocurrency innovations into Pakistan’s economic framework. This marks a significant shift from the country’s earlier position on digital assets, which deemed them illegal due to their association with terror financing. The formation of the PCC positions Pakistan as a potential influential participant in the global transition toward blockchain technology and digital finance, particularly as the White House has recently approved the establishment of a strategic Bitcoin reserve. The PCC’s creation follows the appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for the council.

A spokesperson for the Finance Division remarked that this appointment "represents a significant advancement in Pakistan’s dedication to harnessing the transformative capabilities of digital currencies, ensuring financial security, reducing risks, and thoroughly evaluating the effects of cryptocurrencies on the national economy. ” Finance Minister Muhammad Aurangzeb will chair the council, directing a diverse board that includes senior officials from critical financial and regulatory institutions. This leadership framework features the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), along with the Federal Law and IT Secretaries, all aimed at creating a thorough approach to regulatory oversight, financial stability, and technological progress. Bilal bin Saqib, now serving as the council’s CEO, emphasized that the PCC’s mission goes beyond mere regulation; it seeks to foster an environment that supports the evolution of blockchain and digital finance, positioning Pakistan as a competitive player in the global digital economy. The agenda of the PCC encompasses the establishment of clear regulatory frameworks for cryptocurrency adoption, collaboration with international crypto and blockchain organizations, and the encouragement of responsible innovation. Additionally, the council aims to focus on consumer protection and financial security through a robust legal and compliance structure.