The Pakistan government established a new “Crypto Council” to regulate cryptocurrency circulation in the jurisdiction of Pakistan.
Summary
- The Pakistan government established a new Crypto Council.
- Council aim to regulate & reduce the risk associated with crypto.
- Experts say the US crypto strategic reserve created pressure on Pakistan to adopt Bitcoin.
Pakistan is a country with 254 million population. As per Kucoin’s report nearly 17% of Pakistani internet users aged 18 to 60 identified as crypto investors. That means nearly 27 million people in this country invest in crypto assets. As of March 2025, the Crypto sector is not regulated in this country. In 2018, the State Bank of Pakistan (SBP) ordered all financial institutions to provide any kind of services to crypto companies. In Nov 2024, the SBP proposed a policy to legalize cryptocurrencies as legal tender. This policy is still pending because, reportedly, cabinet officials disagree over certain clauses in the proposed policy.
On 15 March 2025, The government of Pakistan established the Pakistan Crypto Council (PCC). The main role of this crypto council is to oversee the integration and use of blockchain technology and cryptocurrencies into the country’s financial landscape.
This crypto Council is established by the Finance Division. Bilal bin Saqib was appointed as the chief advisor to the finance minister for the council.
The crypto experts believe that the new crypto council will help to push crypto & blockchain innovation in the country and mitigate the potential risks associated with this unregulated, emerging, volatile market.
Many media reports called this development a very big U-turn by the Pakistani government regarding cryptocurrencies. In March 2023, Pakistan Minister of State for Finance Aisha Ghaus said the Asian country could not legalize cryptocurrency trading, & cryptocurrencies could be used for terror financing.
Crypto Adoption Peer Pressure in Pakistan
Many local media reports noted that the Pakistan government’s latest decision regarding cryptocurrencies with a new crypto council reflects the increasing peer pressure around Crypto adoption in the world.
The increasing pressure on the country to adopt Bitcoin & top cryptocurrencies emerged because of the USA Crypto Strategic Reserve (CSR), announced by US President Donald Trump.
A similar kind of peer pressure is seen in the jurisdiction of Russia. Reportedly, Russian President Vladimir Putin asked the crypto-hater central bank, the Bank of Russia, to soften its stance around Cryptocurrencies.
Many Russian local media reports confirmed that the country started using Bitcoin & Cryptocurrencies officially to back country’s international trade without any need for the US dollar.
The latest report by Forbes claimed that the Russian government is silently buying Bitcoin & Cryptocurrencies.
Will India Follow Pakistan’s Footsteps
As we know, Pakistan was a part of India before 1947, but now Pakistan & India are known as the biggest enemy of each other.
India’s honourable Prime Minister Modi also tried to improve & establish a better relationship with Pakistan but failed, as the majority of the power is not owned by the Pakistan government. In the latest podcast, the Indian prime minister shared his frustration over Pakistan’s bad response regarding his efforts to improve the relationship.
Following the latest developments around the crypto sector in Pakistan, many Indian crypto influencers called this move a new pressure on the Indian government agencies to step toward crypto adoption with a better approach.
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