The State Bank of Pakistan (SBP) representative has said while crypto is not banned in Pakistan but it can not be used legally. The comments were made during the The National Assembly Standing Committee on Finance and Revenue that took place on Thursday.
Member of the National Assembly (MNA) Sharmila Faruqui, who was present at the meeting, raised questions regarding the use of cryptocurrency for money laundering.
“The launch of the National Digital Wallet is a commendable move toward a more inclusive, transparent, and cashless economy, with the potential to revolutionize financial access for millions of Pakistanis particularly women, youth, and low-income communities by enabling direct access to payments, savings, and government entitlements,” she said while talking to Azaad English.
“However, this ambitious transition must be approached with caution and foresight. Financial technology must empower, not exclude, and key concerns around data privacy, user consent, cybersecurity, and accessibility in underserved regions must be addressed through transparent regulation and strong oversight, “she added.
‘It is equally important that the wallet remains interoperable with existing financial platforms and does not force users into restrictive, monopolistic systems. The initiative must be developed in consultation with civil society, digital rights experts, regulators, and private sector stakeholders to ensure it reflects the rights and realities of all Pakistanis, not just the digitally privileged. If done right, it could be one of our most transformative social innovations; if mishandled, it risks worsening existing financial inequalities.”
Faruqui told Azaad English that the committee has decided to call the PCC in the next meeting, as the SBP representative and the Finance Ministry did not have much information in this regard.
The SBP rep and finance ministry did not have much info on this so the committee has decided to call the PCC in the next meeting
While legal and regulatory frameworks for cryptocurrencies are still being developed, the government has established a Crypto Council, with Bilal bin Saqib serving as its Special Assistant. Discussions are still going on with the State Bank and SECP, the Finance Secretary said, adding that digital currencies do not yet have legal status in Pakistan or around the world.
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