The State Bank of Pakistan (SBP) has clarified its position on cryptocurrencies, stating that its 2018 advisory did not label virtual assets (VAs) as illegal. Instead, the advisory urged regulated entities—such as banks, development finance institutions, microfinance banks, electronic money institutions, payment system operators, and exchange companies—to avoid dealing in VAs due to the lack of a legal and regulatory framework at the time.
Responding to recent media reports about the 14th meeting of the National Assembly’s Standing Committee on Finance and Revenue, the SBP explained that its intention was to safeguard its regulated entities and their customers from potential risks stemming from the unregulated nature of virtual assets in Pakistan.
The central bank also confirmed that it is currently working with the Finance Division and the Pakistan Crypto Council (PCC)—an entity formed by the federal government—to establish a comprehensive legal and regulatory structure for virtual assets in the country. “We believe that a robust framework will provide the necessary legal clarity and ensure consumer and investor protection,” the SBP noted.
In a related development, Pakistan has announced its first government-led Strategic Bitcoin Reserve. The announcement was made by Bilal Bin Saqib, CEO of the Pakistan Crypto Council and Special Assistant to the Prime Minister on Blockchain and Cryptocurrency, during a keynote speech at the Bitcoin 2025 conference in Las Vegas.
The event was attended by notable figures, including U.S. Vice President JD Vance, Eric Trump, and Donald Trump Jr. Saqib expressed appreciation to U.S. President Donald Trump for his efforts in easing India-Pakistan tensions and for his support of cryptocurrency innovation, which he said inspired Pakistan’s own crypto initiatives.
He emphasized that the national Bitcoin reserves will be held in a government-owned wallet and treated as a long-term sovereign asset, not subject to speculative trading. “These reserves will not be used for short-term gains based on price fluctuations,” Saqib stated, reaffirming the government’s commitment to crypto stability and strategic planning.
