Prime Minister Shehbaz Sharif wants to fast-track the legalization of cryptocurrency in Pakistan. Today, he directed authorities to make the regulatory framework for the virtual assets sector fully operational immediately. Consequently, this move aims to strengthen the digital economy of Pakistan. Furthermore, it will boost investor confidence across the country.
The Prime Minister issued this urgent directive during a meeting with Bilal Bin Saqib. Saqib serves as the Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA). During their meeting, PM Shehbaz emphasized the need to align the new regulatory framework with international standards. This alignment will ultimately support sustainable economic growth.
Meanwhile, Bilal Bin Saqib briefed the Prime Minister on recent developments. He informed PM Shehbaz that PVARA is actively transitioning into a fully operational regulatory body. Moreover, the authority recently launched a regulatory sandbox. This new sandbox specifically supports innovation in AI-powered payments and regulated virtual asset services.
Beyond immediate regulations, the Prime Minister highlighted a critical need for education. He stressed the importance of equipping the youth of Pakistan with skills in emerging technologies. Specifically, he pointed toward artificial intelligence and digital finance to meet future economic demands.
Overall, officials state that this initiative, the legalization of cryptocurrency, forms part of a broader national effort. The government aims to prepare human capital, national institutions, and regulatory structures for the next phase of economic transformation. Digital technologies will directly drive this upcoming shift.
