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The Senate of Pakistan is set to deliberate on a private member’s bill seeking to legalize cryptocurrencies in the country.
The bill, known as the “Virtual Assets Bill 2025”, was introduced by Senator Dr. Afnan Ullah Khan and also proposes the launch of a Digital Rupee backed by the Pakistani Rupee (PKR), in line with central bank regulations.
The bill aims to regulate the issuance, use, trading, and management of virtual assets within Pakistan. It proposes the establishment of virtual asset zones to ensure financial stability, protect investors, and combat illegal activities. Moreover, it seeks to provide a legal framework for recognizing the Digital Rupee as authorized legal tender.
In November 2024, the State Bank of Pakistan (SBP) proposed a comprehensive framework to recognize digital assets, including cryptocurrencies, as legal currency. Under this initiative, the SBP would issue its own digital currency, potentially paving the way for a central bank digital currency (CBDC).
The proposed amendments to the State Bank of Pakistan Act include provisions to grant legal tender status to digital currencies like Bitcoin, allowing them to be used for payments of goods, services, and debts. The framework also outlines penalties for unauthorized issuers of digital currencies, granting the SBP comprehensive authority over both physical and digital currency regulation.
