PCC to meet June 2 on crypto regulations
Business
Finance Minister to lead talks on digital asset laws, establishment of crypto authority
ISLAMABAD (Web Desk) - The Pakistan Crypto Council (PCC) is set to hold a key meeting on June 2 to deliberate on the future of digital currency regulations in the country, the Ministry of Finance announced.
Established in March, the PCC aims to regulate and integrate blockchain technology and digital assets into Pakistan’s financial system.
The meeting will be chaired by Finance Minister Muhammad Aurangzeb. It will serve as a strategic platform to review the evolving legal and regulatory landscape for digital currencies and the broader crypto sector in Pakistan.
PCC CEO Bilal Bin Saqib, along with other council members, will also attend the meeting.
Among the main agenda items is the development of a comprehensive regulatory framework for digital and virtual assets, aligned with international standards and technological advancements.
More to read: Bilal Bin Saqib appointed SAPM on crypto and blockchain
A major point of discussion will be the proposed establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — an independent body envisioned to oversee and manage the country’s digital finance and crypto ecosystem.
It is to be recalled that the Pakistani government has made it clear that cryptocurrency is still off the table.
During a National Assembly Finance Committee meeting chaired by Dr Nafisa Shah, officials confirmed that crypto trading remained banned in Pakistan.
The Prime Minister has formed a Crypto Council through an executive order to look into the issue.
Sharmila Faruqi raised concerns about money laundering risk and stressed the need for digital currency regulations.
The State Bank of Pakistan (SBP) said Pakistan needed a clear legal framework before any move towards crypto could happen.
The official warned that only EI Salvador had legalized crypto, and was then backing away.
For now, Pakistan is playing it safe, sticking to its guns on the ban while exploring future options.
