The plan to accelerate crypto adoption in the country was deliberated during a high-profile meeting on Tuesday.

Cryptocurrency dominated the session, with representatives from banks, forex companies, and the gold industry being briefed on its possible benefits. Bilal Bin Saqib, the CEO of the Pakistan Crypto Council (PCC) and Special Assistant to the Prime Minister on blockchain and cryptocurrency, emphasized how digital assets could be a game-changer in revving up the economy.

Government officials were told the State Bank of Pakistan (SBP) is going to issue licenses to crypto-trading banks and financial institutions. A bank executive suggested opening field offices in key cities to enhance access and encourage digital transactions.

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Sources indicated that the government is eager to implement cryptocurrency adoption on a large scale and incorporate it into the economy at the earliest. Although risks were pointed out as a concern, Saqib rejected the idea that the market is speculative in nature.

Worldwide, cryptocurrencies have become extremely popular, but most central banks are wary of regulation. Nonetheless, SBP Governor Jameel Ahmed on July 9 revealed that the central bank is working on a pilot project for a national digital currency and legislation to regulate virtual assets.

The Finance Ministry and the SBP are collaborating with the Pakistan Crypto Council in designing a legal and regulatory framework for the use of cryptocurrencies.

Financial experts have cautioned against risks of volatility, referring to instances such as Bitcoin price fluctuations, but conceded that the SBP and federal government seem intent on proceeding with crypto trades.