Islamabad:
On Monday, the Crypto Council of Pakistan (PCC) agreed to form a technical committee responsible for developing a regulatory framework for digital and virtual assets, the Ministry of Finance announced Monday.
The development arose during a high -level meeting chaired by the Minister of Finance, Muhammad Aurengzeb, and attended the Executive Director of PCC, Billal Bin Saqib, governor of the State Bank of Pakistan (SBP), president of the Pakistan Stock Exchange and Securities Commission (SECP) and senior officials of several government departments.
According to the ministry press release, the discussions focused on aligning the Pakistan approach to digital finances with global standards and maintaining the rhythm of the technological advances in rapid evolution.
The meeting reviewed a preliminary draft of regulatory protocols for digital and virtual assets.
The key between the proposals was the creation of an autonomous regulatory body to supervise the cryptographic and digital finance ecosystem of the country. The idea obtained a broad consensus of the participants, racing the way for a coordinated institutional approach.
“It was agreed to constitute a technical committee that includes representatives of SBP, SECP, Division of Law and Division of IT and Tit and Tit,” said the Ministry.
The Committee will examine the bill, refine the government model and present a comprehensive framework in the next PCC session.
According to the statement, the interested parties provided critical information for “a safe, transparent and friendly regulatory environment for innovation”, which would allow “adoption of responsible blockchain, safeguard investors and advance financial inclusion.”
The Minister of Finance, Aurengzeb, praised the efforts of all the parties involved and stressed the state’s commitment to build a modern financial infrastructure.
He reaffirmed the government’s objective to create a “financial infrastructure ready for the future that supports innovation while maintaining financial stability and regulatory compliance.”
The measure is produced in the midst of a growing impulse in Parliament for cryptographic legislation.
Last week, the National Finance Committee of the National Committee of the Assembly deliberated on a currency bill presented by the PPP legislator Sharmila Faruqi.
During the session, the Secretary of Finance, Imdadullah Bosal, reiterated that the existing prohibition of the cryptocurrency remained in force, although it emphasized the urgent need of a regulatory roadmap.
On the same day, the CEO of PCC, Bin Saqib, was news when announced the launch of the first Bitcoins strategic reserve backed by the Pakistan government.
He also revealed the establishment of a national Bitcoin wallet, destined not for trade or speculation, but to keep digital assets already in state custody.
The Pakistan Crypto Council was formally launched in March this year with a mandate to help regulate and integrate blockchain assets and digital architecture in national financial architecture.
