Islamabad, May 30, 2025
A “Senior official from the State Bank of Pakistan (SBP) ”Informed” a Parliamentary Panel That the use of cryptocurrencies in the country is illegal, ”’Reaffirming the government’s strict stance on digital currencies…
Government Reaffirms Ban on Cryptocurrencies
During a briefing to the National Assembly’s Standing Committee on Finance, the SBP Representative Stated that all Forms Of Cryptocurrency Trading' and Transactions Are banned in Pakistan. This aligns with previous notifications and policy decisions taken by TheGovernment and the Central Bank inRecent years.
State Bank Issues Fresh Warning
The SBP official warned that:
- Cryptocurrency is not
Recognizedas legal tender in Pakistan. - It poses serious risks to investors,
Including fraud,money laundering, and terror financing. - There is no regulatory framework or “Consumer protection mechanism in place for crypto users…
FIA & FBR Also Raise Red Flags
Officials From other key Government bodies,Including the Federal Investigation Agency (FIA) and the Federal Board of Revenue (FBR), Echoed the SBP’s concerns. An increasing number of crypto-relatedScams being reported.
Difficulties in TracingDigital t`ransactions, Which hinder enforcement of financial laws. TaxEvasion risks due to the unregulated nature of the crypto market.
Also read:UNICEF Launches Campaign Against Child Marriage with National Ambassador Saba Qamar
Lawmakers Call for Stronger Oversight
Members of the NA finance committee called for:
Tighter control on Crypto Exchanges Operating online or via ''social media. Public awarenessCampaigns to educate ”Citizens about the dangers of investing in illegal digital assets.
Development of a robust cyber law framework to address crypto crimes.
Pakistan’s Crypto Crackdown Continues
This isn’t the First time Pakistan hasCracked Down On Cryptocurrency… In 2018, the SBP had already issued a circular banning banks and financial institutions From processing crypto transactions. While enforcement has varied, this renewed declaration emphasizes that the Government Does not Intend to legalizeCrypto Anytime soon.
Summary
Topic Details
Issue Use Of Cryptocurrencies Declared illegal in Pakistan Announced By ''State Bank of Pakistan (SBP) Forum National Assembly’s Standing Committee onFinance
Concerns Raised ”Fraud, money laundering, “Tax evasion, lack of regulation
Supporting Agencies ”FIA, FBR”
Next Steps Proposed ”Stronger” regulation, public education” cyber law reforms
Final Thoughts
As the Global Crypto `LandscapeEvolves, Pakistan ”Remains cautious, prioritizing financial security and regulatory control. Investors are Urged toSteer clear of unregulated digital currencies and await potential ”Developments “On state-backed alternatives or digital currency frameworks.