The Finance Secretary has said that cryptocurrency is banned in Pakistan and that proper regulations are needed for cryptocurrency, as reported by national media.
According to details, a meeting of the National Assembly’s Standing Committee on Finance was held under the chairmanship of Dr. Nafisa Shah. Sharmila Faruqi raised the question of how Pakistan will protect cryptocurrency from money laundering.
Sharmila Faruqi presented a bill regarding the regulations of digital currency. She stated that there are no regulations for cryptocurrency. Pakistan is moving toward digital currency. Cryptocurrency is decentralized. Pakistan has recently come off the Financial Action Task Force (FATF) grey list. Sharmila Faruqi questioned how Pakistan will protect cryptocurrency from money laundering.
The Finance Secretary informed the Standing Committee that preliminary work is being done in the crypto council. Proper regulations are needed for cryptocurrency. Cryptocurrency is banned in Pakistan. The State Bank has imposed a ban on investment in crypto coins.
State Bank officials informed the meeting participants that a national working group has been formed regarding digital currency. Suggestions have been given to the crypto council. A legal framework will be required for cryptocurrency.
The State Bank officials said that only El Salvador has legalized cryptocurrency worldwide, and even they are now reversing that decision.
Federal Budget Will Be Presented on June 10
The federal budget for the next fiscal year will be presented on June 10, 2025.
Speaking informally with journalists after the meeting of the Standing Committee on Finance, the Finance Secretary said that the federal budget will indeed be presented on June 10, and there has been no change in the date of the budget presentation.
