📝Official Position: Cryptocurrencies Deemed Illegal \ stacker news ~crypto

Pakistan’s position on cryptocurrency is growing increasingly complex, reflecting a deep contradiction between official government declarations and new institutional moves suggesting a shift toward legalization.

In May 2023, Pakistan’s Minister of State for Finance and Revenue, Dr. Aisha Ghaus Pasha, firmly declared that cryptocurrencies would “never be legalized” in the country. Her comments followed Pakistan’s removal from the Financial Action Task Force (FATF) grey list a move the government saw as fragile and not to be risked by embracing unregulated digital assets. The State Bank of Pakistan supported this stance, warning that crypto transactions posed significant risks, including fraud, illicit financing, and money laundering.

However, by early 2025, the country’s tone had begun to shift.

In March 2025, Bilal Bin Saqib, Chief Advisor to the Finance Minister and CEO of the newly formed Pakistan Crypto Council (PCC), announced that Pakistan would pursue the legalization of cryptocurrency as part of a broader effort to attract international investment. He emphasized the need for a transparent regulatory framework to govern digital assets, suggesting that Pakistan could become a regional leader in blockchain driven finance.

This ambition was echoed on a global stage just two months later. Speaking at the Bitcoin 2025 conference in Las Vegas, Saqib revealed Pakistan’s plans to establish a national bitcoin reserve, which would be held in a government controlled wallet with no plans to liquidate a clear signal of long term commitment. Additionally, the government has allocated 2,000 megawatts of electricity to support both bitcoin mining operations and AI-focused data centers.

The creation of the Pakistan Crypto Council marked a major institutional development. Launched in March 2025, the council is chaired by Finance Minister Muhammad Aurangzeb, with Saqib as CEO, and includes leadership from the State Bank and the Securities and Exchange Commission. Its mission: to regulate, integrate, and promote digital assets across Pakistan’s economy.

At this point, Pakistan’s crypto trajectory appears deeply conflicted. On one hand, government ministers have outright declared crypto illegal. On the other, the state is rapidly building infrastructure and legal frameworks that suggest a coming shift. Whether this reflects a deliberate transition strategy or a fragmented policy landscape remains unclear.

💬 Discussion Prompt:

What do you make of Pakistan’s dual approach is it regulatory confusion or a calculated path toward eventual legalization? Could this kind of approach help developing countries leapfrog into blockchain innovation, or does it invite more instability?

30 sats \ 1 reply \ @cyb3r17 30 May

I will not take a failed terrorist state seriously, nice writeup tho. I heard they're also opening a BTC reserve as well.

0 sats \ 0 replies \ @wolfsbane OP 30 May

Dismissing an entire country with a blanket term like "failed terrorist state" oversimplifies a complex reality and derails serious discussion. Regardless of one's views on Pakistan’s broader geopolitical issues.

30 sats \ 1 reply \ @OT 30 May

Rules for the, not for me.

That's a sharp way to put it definitely captures the hypocrisy many see in these types of policy shifts. But in Pakistan’s case, it might be less about elitism and more about a clash between institutional caution and economic desperation.

0 sats \ 1 reply \ @guerratotal 30 May

Honestly, it’s hard to expect consistency from a government like that. One day it’s “illegal forever,” the next day they’re mining Bitcoin and building reserves. Classic.

But let’s not forget — Bitcoin wasn’t created to be embraced by institutions like these. It was created because of them. To fight inflation, corruption, censorship, and financial oppression. Whether governments like it or not, Bitcoin keeps doing what it was designed to do: exist outside their control. 🔥

5 sats \ 0 replies \ @wolfsbane OP 30 May

You're absolutely right to highlight the contradiction Pakistan’s rapid pivot from hardline rejection to strategic investment does raise serious questions about consistency and trustworthiness in policy.

But there’s also a deeper layer here the irony you point out that Bitcoin was designed to bypass centralized power,is exactly why this moment is so revealing. Governments that once dismissed crypto as a threat are now racing to co-opt it not because they’ve suddenly changed principles, but because they’re realizing they can’t ignore the economic gravity Bitcoin is creating.

0 sats \ 1 reply \ @sangekrypto 30 May

I haven't found the official ban letter, the most serious reasons for the ban are not mentioned.

You're absolutely right to point that out. As of now there’s no publicly available "official ban letter" detailing a comprehensive legal framework or citing the full rationale behind the initial prohibition most of what we know comes from ministerial statements, especially from Dr. Aisha Ghaus Pasha in 2023 where she referenced concerns like FATF compliance, illicit financing, and fraud risks.