The Pakistan Crypto Council (PCC) has announced plans to establish a technical committee tasked with drafting a regulatory framework for digital and virtual assets. This initiative aims to align Pakistan's financial infrastructure with international standards while fostering innovation in blockchain technology.
Key Developments
- Technical Committee Formation: Comprising representatives from the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), Law Division, and IT & Telecom Division.
- Regulatory Goals: Create a secure, transparent environment for digital assets, promote financial inclusion, and safeguard investors.
- Government Support: Finance Minister Muhammad Aurangzeb emphasized the commitment to a "future-ready financial infrastructure."
Background
The PCC was launched in March 2024 to integrate blockchain and digital assets into Pakistan’s financial system. This latest move follows discussions on establishing an autonomous regulatory authority for the crypto ecosystem.
Strategic Bitcoin Reserve Unveiled
In a parallel development, PCC CEO Bilal Bin Saqib revealed Pakistan’s first government-led Strategic Bitcoin Reserve. This initiative includes:
- A national bitcoin wallet holding sovereign reserves.
- A long-term commitment to decentralized finance (not for speculative trading).
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Global Context
Cryptocurrencies face varied regulatory stances worldwide:
- Legal Tender: El Salvador recognizes Bitcoin as official currency.
- Restricted Use: Pakistan, India, and China prohibit crypto payments but lack outright bans.
FAQ Section
Q1: Is cryptocurrency legal in Pakistan?
A: While not officially banned, crypto cannot be used for payments or owned legally under current regulations.
Q2: What is the purpose of the PCC’s technical committee?
A: To draft laws and propose governance structures for digital assets, reviewed in upcoming PCC meetings.
Q3: How does Pakistan’s Bitcoin Reserve work?
A: It holds state-custodied digital assets as a sovereign reserve, signaling trust in decentralized finance.
Next Steps
The technical committee will submit its framework proposal for PCC review. Meanwhile, the finance ministry underscores the need for regulated crypto adoption to ensure stability.
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