ISLAMABAD: Pakistan is planning to adopt cryptocurrency as a “strategic asset” to bring about a digital financial revolution, an adviser to the Pakistani finance minister said this week, after Islamabad signaled its intent to formalize digital asset regulations.
Pakistan’s finance division said last month that it was mulling a national crypto council to establish a financial ecosystem in the country that would allow safe investments in digital assets.
This month, the finance division announced the appointment of Bilal bin Saqib, a Forbes-recognized entrepreneur and Web3 investor, as chief adviser to the finance minister for the Pakistan Crypto Council.
“The Pakistan Crypto Council recognizes Pakistan’s strong position as one of the top 10 nations globally in crypto adoption,” Saqib said on X.
“Moving forward, it will be our priority to recognize crypto as a strategic asset, develop comprehensive and forward-thinking regulatory frameworks, and ensure compliance to position Pakistan as a leader in the digital financial revolution.”
Pakistan’s central bank previously declared virtual currencies, including Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin and Pay Diamond, illegal and prohibited their sale, purchase and exchange in trading.
The country currently has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees, according to the finance division.
Saqib noted that the United States (US) had just made a “historic” move to establish a Bitcoin Strategic Reserve, which marked a pivotal moment for the global economy.
“It signals a shift in how nations perceive value, moving beyond traditional assets like gold and oil to embrace the digital future,” he said.
“For the world, this decision brings greater legitimacy to crypto as a store of value, accelerates institutional adoption, and strengthens the foundation of the digital economy. It also sets a precedent for other nations to follow, reshaping the future of global finance.”
Last month, Pakistan’s Finance Minister Muhammad Aurangzeb directed stakeholders to formulate a comprehensive framework for a digital asset ecosystem that ensures security, transparency, regulatory compliance and economic viability. He was presiding over a high-level meeting to discuss global evolution of cryptocurrency and potential impact of digital assets on Pakistan’s economy.
“This crypto council will oversee policy development, address regulatory challenges, and ensure that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner,” the finance division said after the meeting on Feb 25.
“The Council will also collaborate with friendly countries to develop standardized frameworks for international digital economic engagement.”
Pakistan plans to adopt cryptocurrency as ‘strategic asset,’ adviser says
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Pakistan plans to adopt cryptocurrency as ‘strategic asset,’ adviser says
- Pakistan has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees
- Last month, Islamabad announced its plans to set up a national crypto council to establish a digital financial ecosystem in the country
Pakistan Navy seizes $3 million of narcotics in Arabian Sea under regional security patrol
- Official statement says the haul was made during an anti-narcotics operation conducted by PNS Yamama
- Seizure comes after a record haul of nearly $972 million was reported in the North Arabian Sea in October
KARACHI: Pakistan Navy said on Sunday a patrol vessel operating in the Arabian Sea had seized 1,500 kg of narcotics, the latest interdiction under a regional maritime security deployment aimed at curbing illicit activity along key shipping routes.
The operation took place under the Regional Maritime Security Patrol (RMSP), a Pakistan-led initiative that deploys naval assets across the Arabian Sea and adjoining waters to deter smuggling, piracy and other non-traditional security threats.
The framework combines independent patrols with coordination involving regional and international partners.
“Pakistan Navy Ship Yamama, while deployed on Regional Maritime Security Patrol in the Arabian Sea, successfully conducted an anti-narcotics operation, leading to the seizure of 1,500 kilograms of hashish valued at approximately 3 million US dollars,” the Navy said.
The interdiction, it added, underscored the force’s “unwavering commitment to combating illicit activities and ensuring security in the maritime domain.”
Pakistan Navy said it routinely undertakes RMSP missions to safeguard national maritime interests through “robust vigilance and effective presence at sea,” and continues to play a proactive role in collaborative maritime-security efforts with other regional navies.
The seizure comes amid heightened counter-narcotics activity at sea.
In October, a Pakistani vessel seized a haul worth nearly $972 million in what authorities described as one of the largest drug seizures ever reported in the North Arabian Sea.
Last month, Pakistan Navy units operating under a Saudi Arabia-led multinational task force seized about 2,000 kg of methamphetamine, valued at roughly $130 million, highlighting the role of regional cooperation in disrupting trafficking networks.
