Pakistan is preparing to unveil a comprehensive legal framework for cryptocurrencies in an effort to attract international investment, according to Bilal Bin Saqib, chief advisor to the country’s finance minister.

Speaking to Bloomberg on Thursday, Saqib confirmed that the government sees the move as a strategic pivot to leverage the country’s young, tech-savvy population and position itself as a low-cost, high-growth market.

According to Bloomberg, the announcement follows Prime Minister Shehbaz Sharif’s recent decision to launch the Pakistan Crypto Council (PCC), a body tasked with promoting blockchain development and Web3 innovation across the country.

Saqib emphasized that Pakistan is ready to take a proactive stance in the global digital economy, stating, “Pakistan is done sitting on the sidelines. We want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30. We have a Web3-native workforce ready to build.”

Building Momentum Since 2024

This strategic push comes after a detailed report by The Byteline in November 2024, which had already hinted at a regulatory shift.

The report highlighted Pakistan's growing interest in integrating digital currency within its formal financial system—a departure from its earlier restrictive policies.

In that report, The Byteline revealed that the Pakistani government proposed sweeping amendments to the State Bank of Pakistan (SBP) Act, potentially legalizing cryptocurrencies like Bitcoin and expanding the SBP's mandate to include digital currencies.

Notably, the amendments introduce digital currency as an official electronic form of money issued by the SBP, which would be recognized as legal tender.

The reforms also propose allowing dual nationals to hold leadership roles at the central bank and empower the SBP to manage digital payment systems via a dedicated subsidiary.

Additionally, unauthorized issuance of digital currency would incur penalties amounting to double the value of the infraction—a move intended to safeguard financial integrity.

Together, these legal and institutional changes signal Pakistan’s clear shift toward embracing digital assets as part of its economic modernization strategy.

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