Adoption of virtual assets discussed with banks, exchange firms, jewellers

KARACHI: The government met with banks, exchange businesses and jewelers in Islamabad on Tuesday to explore the adoption of virtual assets as it expedites efforts to modernise the nation’s financial system, according to sources.

A meeting was held by the government with the chief executive officers of banks, exchange companies and jewelers. Both the Secretary of Finance and the Governor of the State Bank of Pakistan, Jameel Ahmad, were present at the meeting.

Sources said Bilal Bin Saqib, Pakistan’s State Minister for Blockchain and Cryptocurrency and the CEO of the Pakistan Crypto Council (PCC), delivered a comprehensive presentation about the state of cryptocurrency in Pakistan. He emphasised that a significant number of Pakistanis are already investing in digital assets. Saqib urged representatives from the exchange companies, banks and jewelry sectors to support this important initiative. He stated that Pakistan is ready for digital asset adoption and economic modernisation in line with international best practices, following consultations with all stakeholders.

Sources said that exchange companies and banks would be granted licenses to operate in the cryptocurrency sector.

This development follows Ahmad’s remarks at the Reuters NEXT Asia Summit in Singapore earlier this month, where he stated that Pakistan is preparing to launch a pilot program for a digital currency and is finalising legislation to regulate virtual assets. He indicated that a new law would “lay down the foundations for the licensing and regulation” of the virtual assets sector and that the central bank is in contact with some technology partners.

The government’s initiative builds on efforts by the PCC, established in March to promote virtual asset adoption. The PCC is exploring bitcoin mining using surplus energy, has appointed Binance founder Changpeng Zhao as a strategic adviser, and plans to establish a state-run bitcoin reserve.

In May, the SBP clarified that while virtual assets were not illegal, it advised financial institutions against engaging with them until a formal licensing framework was in place.

Recently, Pakistan’s government approved the “Virtual Assets Act, 2025,” which creates an independent regulator to license and oversee the cryptocurrency sector.

Pakistan ranks among the leading nations globally in cryptocurrency adoption, boasting around 20 million users.