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ISLAMABAD – The State Bank of Pakistan deputy governor has revealed that cryptocurrency in Pakistan is not illegal but remains in a “grey area.”
He made the revelations during a meeting of the Senate Standing Committee on Finance to review the “Virtual Asset Bill 2025”.
He noted that many young people in the country possess significant expertise in the field.
Committee Chairman Saleem Mandviwalla questioned the classification, arguing that since transactions through “hundi” and “hawala” are considered illegal, it is unclear why cryptocurrency dealings are being described as “grey.”
Senator Mohsin Aziz expressed concern over reports that cryptocurrency is being used in cases of kidnapping for ransom, claiming he was informed by reliable sources that cash is no longer demanded in such situations.
On taxation, Senator Dilawar Khan criticized the current system, pointing out the burden of multiple taxes such as super tax and sales tax.
He suggested that if a uniform 5% tax were imposed across the board, overall revenue could rise by as much as 40%.
Meanwhile, Pakistan and Kyrgyzstan are moving toward stronger cooperation in rapidly evolving field of virtual assets after a high-level video conference.
Minister of State for Crypto and Blockchain Bilal bin Saqib has detailed discussion with Farkhat Iminov, Director of Kyrgyzstan’s National Investment Agency, as two sides focused on strengthening bilateral ties and exploring joint initiatives in the crypto and blockchain sectors.
According to a statement from the Kyrgyz National Investment Agency, both sides expressed strong interest in expanding collaboration through the exchange of experience, information, and best practices between relevant institutions and national councils.
Bilal emphasized Islamabad’s readiness to work closely with Central Asian nation, highlighting major potential for cooperation in shaping regulatory frameworks and promoting innovation in digital asset space.
Farkhat Iminov said the two sides share similar strategic visions for developing virtual assets industry, underlining importance of formalising partnership through Memorandum of Cooperation to facilitate structured engagement.
Both sides reaffirmed their commitment to continued dialogue and active cooperation in building a secure and innovative environment for virtual asset development in step forward in Central and South Asia’s growing interest in blockchain technology and digital finance.
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