Pakistan Crypto Council

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Pakistan Crypto Council
AbbreviationPCC
Formation14 March 2025;5 months ago (2025-03-14)
FounderGovernment of Pakistan
TypeGovernment-backed initiative
Legal statusActive
PurposeDeveloping regulations and promoting blockchain technology and digital assets
Location
Region served
Pakistan
Official language
Urdu, English
Chairperson
 Muhammad Aurangzeb
CEO
 Bilal Bin Saqib
Adviser
 Changpeng Zhao
Parent organization
 Ministry of Finance, Pakistan
Website pcc.gov.pk

Pakistan Crypto Council (PCC) is a Pakistani regulatory body established to develop policy, infrastructure and regulation for blockchain technology and digital assets within Pakistan. [1] It operates under the Ministry of Finance with input from the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and other federal agencies. [2]

Contents

History

The Pakistan Crypto Council (PCC) was officially announced by the Finance Ministry in late February 2025 and formally launched on 14 March 2025. [3] [4] The Council was established under the guidance of Finance Minister Muhammad Aurangzeb, with the goal of integrating blockchain technology and digital assets into Pakistan’s financial landscape. [5] Key figures in the early leadership include Muhammad Aurangzeb (Finance Minister) as head of PCC, Bilal Bin Saqib as CEO, and Changpeng Zhao as Strategic Adviser. [6] [5]

In June 2025, PCC agreed to establish a multi-agency technical committee with SBP, SECP, the Law Division and Ministry of IT to draft a national framework for digital and virtual assets. [7]

Leadership and structure

The PCC is led by Federal Finance Minister Muhammad Aurangzeb, who has been appointed as its head. Bilal Bin Saqib serves as the Chief of the council, providing strategic direction to its operations. [8] The immediate governing board of the council includes officials such as the Governor of the State Bank of Pakistan, the Federal Law and IT Secretaries underscoring the institutional backing and collaborative nature of the initiative. [8] [9] [10] On 7 April 2025, PCC appointed Binance co-founder, Zhao as its strategic adviser. [11] [12] On 26 May 2025, Prime Minister Shehbaz Sharif appointed Bilal Bin Saqib, CEO of the PCC, as Special Assistant to the Prime Minister on Blockchain and Cryptocurrency, with the rank of Minister of State.

Leadership

RoleIndividual/Position
ChairFinance Minister Muhammad Aurangzeb
CEO Bilal Bin Saqib
Adviser Changpeng Zhao
Board Member Governor of the State Bank of Pakistan
Board MemberChairman of the SECP
Board MemberFederal Law Secretary
Board MemberFederal IT Secretary

Recent developments

In July 2025, the government issued the Virtual Assets Regulatory Authority Ordinance, 2025, establishing PVARA as an independent regulator for virtual assets. [13] Earlier, at the Bitcoin Vegas 2025 conference, PCC announced Pakistan’s first government-backed Strategic Bitcoin Reserve [14] and a plan to allocate 2,000 MW of electricity for mining and AI data centres. [15] [16] However, the State Bank has reiterated that cryptocurrency remains illegal under current laws, and a Senate committee has proposed amendments to the virtual assets bill to clarify the framework. [17] Separately, the SBP has announced preparations for a pilot central bank digital currency (CBDC) project. [18]

In September 2025, a Senate standing committee recommended that the PCC be shifted from the Ministry of Finance to the Ministry of Information Technology, arguing that digital assets fall more directly under the IT sector’s mandate. [19]

Despite new initiatives, cryptocurrency remains in a legal grey area in Pakistan. The State Bank of Pakistan has reiterated that digital currencies are not recognized as legal tender and that existing banking laws continue to prohibit institutions from dealing in them. [20] Analysts have described the situation as contradictory, with the Pakistan Crypto Council promoting adoption while financial regulators maintain restrictions. [21]

Although the government announced the allocation of 2,000 MW of surplus electricity for Bitcoin mining and AI data centers, the IMF raised objections over subsidized tariffs, fiscal risks, and strain on the national grid. Reports in early July 2025 indicated that the IMF rejected the proposal in its initial form, [22] though both sides confirmed consultations were continuing and the plan had not been finalized. [23]

Criticism

Observers and opposition politicians have criticized government-backed crypto initiatives for moving ahead without clear legislation. [24] Concerns have been raised about the feasibility of allocating 2,000 MW of electricity for Bitcoin mining during a period of chronic energy shortages, [25] while others have questioned the transparency of the proposed Strategic Bitcoin Reserve. [26] The Senate Standing Committee on Finance has also expressed concerns regarding tax burdens, money laundering, and customs corruption related to crypto dealings. One member suggested a uniform 5% tax to simplify compliance and potentially increase revenue. [27]

Activities

Since its formation in 2025, the Pakistan Crypto Council has organized industry roundtables, engaged with provincial governments, and represented Pakistan at international conferences, including Bitcoin Vegas 2025. [28] The Council also advises on draft regulations under the Pakistan Virtual Assets Regulatory Authority, and collaborates with academic institutions to promote blockchain education. [29]

Pakistan Virtual Assets Regulatory Authority

The Pakistan Virtual Assets Regulatory Authority (PVARA) was set up in July 2025 to manage and license virtual asset services in the country. It was formed under the Virtual Assets Ordinance, 2025, to make sure rules are followed, support innovation, and keep in line with international and Islamic finance standards.

References

  1. ↑ "Pakistan officially launches Crypto Council to shape digital finance". The Nation. 15 March 2025. Retrieved 7 September 2025.
  2. ↑ "Pakistan Crypto Council officially launched to integrate blockchain technology with financial landscape". Archived from the original on 17 March 2025. Retrieved 17 March 2025.
  3. ↑ "Pakistan Crypto Council officially launched to integrate blockchain technology with financial landscape". Dawn. 15 March 2025. Retrieved 7 September 2025.
  4. ↑ "The Pakistan Crypto Council makes global strides in 50 days". The Express Tribune. 5 May 2025. Retrieved 7 September 2025.
  5. 1 2 "Pakistan set up the PCC in March, with Saqib, 34, as the CEO". Arab News. May 2025. Retrieved 7 September 2025.
  6. ↑ "Pakistan announces Bitcoin strategic reserve". Cointelegraph. 28 May 2025. Retrieved 7 September 2025.
  7. ↑ "Crypto Council agrees on technical committee to draft framework for digital and virtual assets". Dawn. 2 June 2025. Retrieved 7 September 2025.
  8. 1 2 "Pakistan Crypto Council officially launched". Archived from the original on 16 March 2025. Retrieved 17 March 2025.
  9. ↑ "Pakistan launches Crypto Council to regulate blockchain, digital assets".
  10. ↑ Ameer Ali, Salman (27 March 2025). "Pakistan Crypto Council Launch: A New Dawn for Freelancers or Another Bureaucratic Mirage?". Perspective. Retrieved 28 March 2025.
  11. ↑ Abid, Sabahat (7 April 2025). "Binance Founder Appointed Adviser to Pakistan Crypto Council". Markhor Times. Retrieved 7 April 2025.
  12. ↑ Sherani, Tahir (7 April 2025). "Binance founder Zhao appointed as strategic adviser to Pakistan Crypto Council". DAWN.COM. Retrieved 7 April 2025.
  13. ↑ "Pakistan issues ordinance to regulate virtual assets, establishes regulatory authority". Pakistan Today. 11 July 2025. Retrieved 7 September 2025.
  14. ↑ "Pakistan launches first govt-backed Strategic Bitcoin Reserve". The Express Tribune. 25 May 2025. Retrieved 7 September 2025.
  15. ↑ Sherani, Tahir (25 May 2025). "Govt allocates 2,000MW for Bitcoin mining and AI data centres". Dawn. Retrieved 29 May 2025.
  16. ↑ Sherani, Tahir (29 May 2025). "Pakistan unveils first govt-led Strategic Bitcoin Reserve". Dawn. Retrieved 29 May 2025.
  17. ↑ "Senate committee proposes key changes to virtual assets bill". Dawn. 4 September 2025. Retrieved 7 September 2025.
  18. ↑ "Pakistan central bank to launch pilot digital currency, says governor". Reuters. 9 July 2025. Retrieved 7 September 2025.
  19. ↑ "Senate panel wants PCC under IT ministry". Dawn. 3 September 2025. Retrieved 7 September 2025.
  20. ↑ "Crypto policy in disarray as SBP reiterates ban". Dawn. 6 May 2025. Retrieved 7 September 2025.
  21. ↑ "Crypto ban continues despite new council's initiatives". The Express Tribune. 7 May 2025. Retrieved 7 September 2025.
  22. ↑ "IMF Rejects Pakistan's Proposal to Subsidize Power for Bitcoin Mining: Reports". CoinDesk. 3 July 2025. Retrieved 7 September 2025.
  23. ↑ "Pakistan, IMF still in talks over Bitcoin mining power allocation". Arab News. 6 July 2025. Retrieved 7 September 2025.
  24. ↑ "Pakistan's crypto push raises legal, energy concerns". Al Jazeera. 30 May 2025. Retrieved 7 September 2025.
  25. ↑ "Pakistan allocates 2,000 MW for Bitcoin mining despite power crisis". Reuters. 25 May 2025. Retrieved 7 September 2025.
  26. ↑ "Pakistan to follow US on Bitcoin reserve, use BTC seized by law enforcement". CCN. 29 May 2025. Retrieved 7 September 2025.
  27. ↑ "Crypto dealings under Senate panel spotlight". The Express Tribune. 11 September 2025. Retrieved 11 September 2025.
  28. ↑ "Pakistan Crypto Council showcases country's blockchain initiatives at Vegas event". CoinDesk. 28 May 2025. Retrieved 7 September 2025.
  29. ↑ "Pakistan to include blockchain studies in higher education". The News International. 14 August 2025. Retrieved 7 September 2025.
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