Pakistan has recently taken a significant step toward integrating blockchain technology and digital assets into its financial system by establishing the Pakistan Cryptocurrency Council (PCC). The council, officially launched in March 2025, is tasked with regulating, promoting, and incorporating blockchain and cryptocurrency innovations into the country’s economic framework. This move reflects Pakistan’s ambition to align with global trends in digital finance while addressing challenges such as financial security, regulatory compliance, and economic growth.
The PCC is chaired by Finance Minister Muhammad Aurangzeb and includes key figures such as the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan, the Federal Law Secretary, and the Federal IT Secretary. This diverse leadership structure is designed to ensure a balanced approach, combining expertise in regulatory oversight, financial stability, legal frameworks, and technological advancements. Bilal bin Saqib, appointed as Chief Advisor to the finance minister and CEO of the PCC, has emphasized the council’s broader mission to foster an ecosystem where blockchain and digital finance can thrive, rather than focusing solely on regulation.
The council’s priorities include establishing clear regulatory guidelines to facilitate cryptocurrency adoption, engaging with international blockchain organizations to adopt best practices, and promoting responsible innovation. A key area of focus is leveraging blockchain technology to streamline processes such as remittances, given Pakistan’s position as one of the top recipients of remittances globally, with over $31 billion received in 2023-24. Blockchain could reduce costs and improve the speed of these cross-border transactions, which are often slow and expensive through traditional channels.
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This development marks a shift from Pakistan’s earlier cautious stance on cryptocurrencies, which included a 2018 ban by the State Bank of Pakistan on financial institutions facilitating crypto transactions. Despite the ban, Pakistan has seen significant crypto adoption, ranking high on global crypto adoption indices, driven by a young, tech-savvy population and the use of digital assets to hedge against inflation and economic volatility.
The establishment of the PCC signals a more progressive approach, though challenges such as ensuring compliance with anti-money laundering standards and addressing illegal crypto outflows remain critical concerns. While the PCC’s formation is a promising step, its success will depend on its ability to balance innovation with robust regulation, protect investors, and navigate the complexities of integrating blockchain into a developing economy. The council’s efforts to collaborate with fintech startups, investors, and blockchain developers will be crucial in positioning Pakistan as a competitive player in the global digital economy.
Pakistan is one of the top remittance-receiving countries globally, with inflows exceeding $31 billion annually. Blockchain-based solutions can reduce transaction costs, which often range from 5-7% through traditional channels, and speed up transfer times. This could save millions for Pakistani expatriates and their families, boosting disposable income and stimulating economic activity. By fostering a blockchain ecosystem, the PCC could attract investments in fintech startups, create jobs in technology development, and position Pakistan as a hub for blockchain innovation in South Asia. This could diversify the economy, which is heavily reliant on agriculture, textiles, and remittances.
Without proper regulation, cryptocurrencies could exacerbate economic instability, especially in a country prone to inflation and currency depreciation. Unregulated crypto outflows could weaken the Pakistani rupee further, while speculative trading could lead to financial losses for inexperienced investors. The creation of the PCC marks a significant policy shift from Pakistan’s earlier ban on cryptocurrencies to a more progressive regulatory framework. This could set a precedent for other developing nations, demonstrating how to balance innovation with financial security.