The Crypto Council of Pakistan (PCC) agreed to form a technical committee to write a framework for digital and virtual assets, the Ministry of Finance said Monday.
The PCC was officially launched in March to “regulate and integrate blockchain technology and digital assets” in the country’s financial panorama.
According to a press release from the Ministry of Finance, the meeting was chaired by the Minister of Finance, Muhammad Aurengzeb, and attended the executive director of Bin Saqib Billal PCC, governor of the State Bank of Pakistan (SBP), president of the Pakistan Stock Exchange and Securities Commission (SECP) and government officials.
“The meeting focused on the draft regulatory framework for digital and virtual assets in Pakistan, with the aim of aligning with international standards and evolving technological trends,” said the press release.
He added that the participants discussed the options to establish “an autonomous regulatory authority to supervise and regulate the digital finance ecosystem and cryptography in the country.”
“It was agreed to constitute a technical committee that includes representatives of SBP, SECP, Division of Law and the Division of IT and Telecom,” said the Ministry, added that the committee will review the bill and propose a solid framework and a governance structure to be reviewed by the PCC at the next meeting.
The press release said that the members of the PCC gave valuable information for “a safe, transparent and friendly regulatory environment for innovation” that aims to promote the “adoption of responsible block chain, safeguard investors and advance financial inclusion.”
The finance minister appreciated the contributions of all interested parties and reaffirmed the government’s commitment to create a “financial infrastructure ready for the future that supports innovation while maintaining financial stability and regulatory compliance,” he added.
Last week, the National Finance Committee of the Assembly Assembly held a meeting, where PPP MNA Sharmila Farooqi presented a bill on digital currency regulations. The Secretary of Finance, Imdadullah Bosal, said that the prohibition of cryptocurrency was still in place in all Pakistan, emphasizing the need for its regulation during the meeting.
On the same day, Saqib had presented the first Bitcoin strategic reserve directed by the country’s government. He announced the establishment of a national Bitcoin wallet, “with digital assets already in state custody, not for sale or speculation, but as a sovereign reserve that indicates the long -term belief in decentralized finances.”
Cryptocurrencies are gaining impulse worldwide, since the number of use cases is increasing and many countries are now making them legal. However, it has had a mixed reception by regulators worldwide.
In some countries, such as El Salvador, it has a legal bidding status, while in others, including Pakistan, India and China, it is not accepted as payment of goods and services, nor can one legally own, although it is not officially prohibited.
