October 5, 2022

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Pakistan takes a fresh look at cryptocurrency

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Pakistan’s federal government has formed three subcommittees to explore the future of cryptocurrencies and related services, local media report

See related article: Pakistani central bank echoes RBI’s concerns over crypto

Fast facts

  • The first panel is chaired by the law secretary with the State Bank of Pakistan (SBP), with the Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA) as members, among others.
  • Two other subcommittees have been set up under the chairmanship of SBP Deputy Governor Saima Kamal. 
  • Panel members include representatives from the Ministry of Information Technology, the Securities and Exchange Commission of Pakistan, PTA and others. 
  • The subcommittees will prepare their proposals and send them to a committee headed by the finance secretary, after which the country will prepare recommendations on the future of cryptocurrencies.
  • The SBP recommended a ban on cryptocurrencies earlier this year, with one of the nation’s largest banks quickly heeding the advice by asking customers to avoid using its bank for crypto transactions.  

See related article: From Myanmar to South Korea: Breaking Down Blockchain’s Future in Asia with Paul Ulrich, GSMA

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