Pakistan has been actively progressing toward integrating digital currencies into its financial system. In January 2025, Senator Dr. Afnan Ullah Khan introduced the "Virtual Assets Bill 2025" in the Senate. This proposed legislation aims to establish a comprehensive regulatory framework for virtual assets, including cryptocurrencies and blockchain technologies, while also paving the way for the introduction of a Digital Rupee backed by the Pakistani Rupee (PKR).

The bill seeks to regulate the issuance, trading, and utilization of virtual assets within Pakistan, ensuring financial stability, investor protection, and the prevention of illegal activities. It also proposes the creation of Virtual Asset Zones to foster innovation and growth within the digital finance sector.

In a related development, the federal government appointed Bilal Bin Saqib as the chief adviser to the Finance Minister for the newly proposed Pakistan Crypto Council. This appointment underscores Pakistan's commitment to adopting cryptocurrencies as a strategic asset and developing a secure and transparent regulatory framework for digital assets.

Furthermore, Finance Minister Muhammad Aurangzeb has urged the State Bank of Pakistan (SBP) and other relevant regulators to consider cryptocurrencies with an open mind, signaling a shift towards formalizing digital asset regulations in the near future.

These initiatives collectively indicate Pakistan's proactive approach to embracing digital currencies, with the potential launch of a Digital Rupee and the establishment of regulatory frameworks for cryptocurrencies on the horizon.

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