Pakistan Crypto Council schedules Monday meeting to clarify crypto policy

Pakistan’s Finance Minister Muhammad Aurangzeb has announced a meeting of the Pakistan Crypto Council (PCC) on Monday to discuss the confusion surrounding the crypto policy in the country. He wants to discuss the legal and regulatory aspects of the assets.

This development comes after members and major stakeholders under his portfolio insisted that digital assets are still banned in the country.

The Ministry of Finance released a statement regarding the meeting, noting that it will serve as a “strategic forum to deliberate on the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in Pakistan.”

Aurangzeb, who is also the chairman of the PCC, is expected to preside over the meeting, with Bilal Bin Saqib, his special assistant on blockchain and crypto also in attendance as the CEO of the council.

Pakistan Crypto Council wants to address the legal status of digital assets

According to the report, other members of the council will also be in attendance on Monday, including the State Bank of Pakistan (SBP) governor, chairman of the Securities and Exchange Commission of Pakistan (SECP), secretary of the Law and Justice Division, and secretary of the Ministry of Information Technology and Telecommunication.

The council is expected to review several items, which include the development of a regulatory framework to govern digital assets in Pakistan, aligning it with global standards and technological advancements.

The main point of the meeting will be to discuss the groundwork to establish the Pakistan Virtual Assets Regulatory Authority (PVARA), a proposed autonomous body to oversee the digital finance and cryptocurrency ecosystem in the country.

The Pakistan Crypto Council wants to lay a foundation for a secure, transparent, and innovation-friendly regulatory environment. It also wants to look into the promotion and adoption of responsible blockchain technology, with a view to protect investors and enhance financial inclusion.

“The upcoming meeting underscores the government’s commitment to shaping a future-ready financial infrastructure while ensuring stability and compliance in the emerging digital economy,” it added.

Internal criticisms fuel the need for clarification

The meeting was convened after conflicting signals from several figures within the government. Days ago, the SBP and the Financial Division informed the National Assembly’s Standing Committee on Finance that digital assets were banned in the country. It meant that all transactions and ownership of the assets were illegal under certain conditions.

Although the SBP has walked back its stance on the assets, some stakeholders are still not sold.

Finance Secretary Imdad Ullah Bosal mentioned that the PCC was formed to look into the crypto policy, noting that the council was formed via an executive order without any legislative backing. He added that under the current SBP and SECP regulations, digital assets are banned in the country.

“There will be a legal framework only when the government formally takes a decision, but the current legal status is that crypto is not a legal tender in Pakistan,” he said.

The executive director of the SBP, Sohail Jawad, also mentioned that the central bank had issued a directive on the legal status of digital assets, noting that its stance that it is illegal remains intact. He also mentioned that the Financial Monitoring Unit (FMU) is still recommending crypto-related cases to law enforcement for further action.

However, he mentioned that a national working group on digital assets has been formed, and their suggestions will be communicated to the PCC.

The parliamentary debate also coincided with the unveiling of the country’s government-led Strategic Bitcoin Reserve by the CEO of the PCC, Mr Saqib. According to the official statement from the Ministry of Finance, the unveiling was done in Las Vegas, United States, at this year’s Bitcoin Conference, with United States VP J.D. Vance in attendance.

The Pakistan Crypto Council was launched in March this year to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.

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