Business Desk 
Sep 03, 2025
An undated image of the Pakistani flag with Bitcoin. — Canva
Pakistan is nearing a major milestone in its plans to legalise cryptocurrency trading after a key piece of legislation in the Senate Standing Committee on Finance relating to the Virtual Asset Authority Bill gained significant ground.
The State Bank of Pakistan (SBP) Deputy Governor Saleem Mandviwalla explained that the central bank is soon to lift its long-standing ban on cryptocurrency transactions.
He confirmed that once legislation has been put in place, cryptocurrency trading will be allowable in Pakistan.
Speaking at the Senate, Mandviwalla explained that the SBP is close to finalising the rules governing the sector. "As soon as the country's regulatory framework is in place for crypto, it becomes legal," he stated.
The deputy governor further explained that the State Bank has already begun work on a Digital Pak Rupee pilot project, which will be the country's formal medium for crypto transactions. "The money sits in banks, which will be swapped into Digital Pak Rupees, so its exchange rate will be equal to the normal Rupee," noted Mandviwalla.
Previously, the Pakistan Virtual Assets Regulatory Authority has also been in the process of withdrawing the SBP's circular that disallowed cryptocurrency transactions, which was a signal of the shift in policy towards digital assets in Pakistan.
