The federal government is moving forward with plans to fast-track the adoption of cryptocurrencies for banks, foreign exchange companies, and gold trading, Dawn reported, citing sources. The discussions took place during a high-level meeting on Tuesday, aimed at integrating virtual currencies into the financial system.
The meeting focused primarily on cryptocurrency, and banks, foreign exchange companies, and gold traders were briefed on the potential benefits of cryptocurrencies. Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC) and special assistant to the Prime Minister on blockchain and cryptocurrency, presented on the use of virtual currencies in Pakistan, emphasising the potential of cryptocurrencies to transform the economy.
Participants were informed that the central bank plans to issue licenses for crypto trading banks and other financial institutions. One banker suggested that field offices in major cities could help make virtual assets more accessible and encourage digital transactions.
Sources indicated that the government is eager to adopt cryptocurrencies on a larger scale and integrate them into the economy as soon as possible. While some have raised concerns about the risks involved, Saqib downplayed the speculative nature of the market.
Cryptocurrencies have become increasingly popular globally, though most central banks have avoided regulating them. However, SBP Governor Jameel Ahmed announced on July 9 that the central bank is preparing a pilot project for a digital currency and working on legislation to regulate virtual assets.
Both the SBP and the Finance Ministry are collaborating with the Pakistan Crypto Council to develop a legal and regulatory framework for virtual currencies.Â
However, financial experts warned of the risks due to price volatility, such as Bitcoin’s fluctuating value, but noted that the SBP and the government are ready to move forward with crypto transactions.
