The Ministry of Finance (MoF) and the State Bank of Pakistan have reiterated that cryptocurrency and its transactions remain illegal under current regulations. This announcement, made on Thursday, comes as Islamabad takes steps to adopt and regulate cryptocurrencies on the international stage.

 

Earlier this week, in a bid to integrate digital assets into the formal economic structure of the country, the Pakistan Crypto Council (PCC) revealed Pakistan’s first-ever government-led Strategic Bitcoin Reserve. According to reports, PCC Chief Executive Officer (CEO) Bilal Bin Saqib made the announcement during a keynote speech at Bitcoin Vegas 2025 in Las Vegas, United States.

 

However, reports reveal that Finance Secretary Imdadullah Bosal has outlined how a crypto ban remains in place because of regulations on digital assets set by the SBP and Securities and Exchange Commission of Pakistan (SECP). The finance secretary further highlighted how crypto is not “legal tender” in Pakistan at the moment and that a legal framework can only come into place when the federal government "formally takes a decision".

 

Moreover, crypto use lacks the parliamentary backing that is needed to legalise it in the near future. Members of the National Assembly’s Standing Committee on Finance and Revenue remain confused over Islamabad’s approach to crypto. As per reports, Mirza Ikhtiar Baig asked why the government has encouraged the general public to invest in crypto when it is banned under current laws.

 

He even warned investors, outlining how they could face serious consequences for investing in crypto. As per an executive director at the SBP, cryptocurrencies, including bitcoin, were declared illegal under a directive issued by the bank in 2024, with the Financial Monitoring Unit (FMU) still looking into crypto cases to refer to authorities. 

 

Another official has reportedly raised concerns, shedding light on how the federal government is dedicating surplus power for bitcoin mining operations despite crypto being illegal in Pakistan.

 

Mohammad Mobeen has reportedly asked why Islamabad is dealing with crypto instead of the SBP, as it could be better suited for the job of maintaining the country’s newly established crypto wallet. Critiquing the government’s approach further, he outlined how the PCC’s CEO has been meeting with leaders in the digital asset space to garner investments despite the illegal status of cryptocurrencies in Pakistan.

 

Shahram Khan Tarakai has suggested that crypto may accelerate the outflow of foreign exchange from the domestic market, leading to a crisis. Committee members have also requested clarification on whether crypto mining will be controlled by the public or private sector.