As of August 2025, here's a precise and up-to-date overview of the State Bank of Pakistan (SBP) and its stance on cryptocurrency:
🇵🇰 Pakistan’s Banking and Crypto Regulation Overview
❌ Cryptocurrency Ban Status
The State Bank of Pakistan (SBP) has not recognized cryptocurrencies like Bitcoin, Ethereum, or any crypto assets as legal tender.
In January 2022, SBP and the Federal Shariat Court issued strong recommendations to ban crypto trading, citing money laundering and terror financing risks.
🛑 Banking Restrictions
Banks and financial institutions are prohibited from:
Facilitating crypto transactions.
Opening accounts for crypto exchanges.
Processing deposits/withdrawals linked to crypto.
⚖️ Legal Gray Zone
Crypto trading is not officially criminalized yet, but:
FIA (Federal Investigation Agency) and FBR (Federal Board of Revenue) have cracked down on peer-to-peer (P2P) crypto users.
Major platforms like Binance and OKX have been monitored and restricted.
🪙 CBDC Development
In 2023, SBP started work on a Central Bank Digital Currency (CBDC), targeting a pilot launch by 2025, aiming to offer a state-backed digital alternative to crypto.
🚨 Summary:
Cryptos are banned for banks.
Not legally accepted for payments.
Individual users can face restrictions, although there's no clear criminal law yet.
The government is pushing for a regulated digital currency (CBDC).
If you want insight into buying crypto privately in Pakistan or the role of P2P exchanges, let me know — I can help with a practical breakdown.
