The State Bank of Pakistan (SBP) and the Pakistan Virtual Assets Regulatory Authority (PVARA) have held discussions focused on the potential release of a virtual currency and the development of a comprehensive regulatory roadmap for virtual assets in Pakistan. The engagement reflects increasing coordination between the country’s central bank and digital asset regulator as Pakistan evaluates the role of blockchain technology and digital finance within its financial system.
The meeting took place between Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority, and Jameel Ahmad, Governor of the State Bank of Pakistan. According to information shared publicly by PVARA, the discussion centered on digital asset adoption, the possible implementation of a Central Bank Digital Currency (CBDC), and the establishment of regulatory structures to govern virtual assets in a controlled and transparent manner.
PVARA described the engagement as a productive discussion aimed at aligning regulatory priorities with emerging technological trends. The talks indicate a growing institutional focus on addressing the opportunities and risks associated with digital assets, particularly in areas such as financial stability, consumer protection, and compliance with international standards.
The discussions come at a time when Pakistan’s policymakers are showing renewed interest in blockchain-based solutions and digital financial instruments. While virtual assets have previously operated in a largely uncertain regulatory environment, recent developments suggest a shift toward structured policymaking and formal oversight.
The meeting between SBP and PVARA follows the Ministry of Finance’s recent signing of a memorandum of understanding with global cryptocurrency exchange Binance. The MoU is aimed at exploring the blockchain-based tokenization of Pakistan’s real-world and sovereign assets, marking a significant step in the government’s engagement with digital asset technologies.
Under the MoU, the potential tokenization scope includes government bonds, treasury bills, commodity reserves, and other federal assets. Subject to regulatory approvals, assets worth up to $2 billion could be involved in the initiative. The objective of the proposed tokenization is to improve liquidity, enhance transparency, and provide broader access to international investors through blockchain-enabled platforms.
The MoU with Binance was signed in the presence of Finance Minister Muhammad Aurangzeb and Binance Chief Executive Officer Richard Teng. Pakistan Crypto Council adviser Changpeng Zhao was also present during the signing, highlighting the strategic importance of the initiative and its alignment with global digital finance trends.
Observers note that discussions around CBDC implementation suggest Pakistan is examining sovereign digital currency models being explored by central banks worldwide. Central bank digital currencies are often viewed as tools to modernize payment systems, strengthen monetary policy transmission, and support financial inclusion in increasingly digital economies.
The engagement between SBP and PVARA also underscores the importance of regulatory coordination as digital assets intersect with traditional financial systems. A clearly defined regulatory roadmap is expected to address key issues such as anti-money laundering controls, investor safeguards, operational risk, and market integrity.
Industry stakeholders believe that regulatory clarity could encourage responsible innovation while reducing uncertainty for financial institutions, fintech companies, and technology providers operating in the digital asset space. Clear guidelines may also support institutional participation and attract international collaboration in blockchain-based financial initiatives.
While no specific timelines or implementation details have been announced following the meeting, the discussions signal that Pakistan is moving toward a more structured and deliberate approach to digital asset regulation. As policy development continues, market participants will closely monitor how these engagements translate into regulatory frameworks and pilot initiatives.
With the central bank and digital asset regulator now actively engaging on virtual currency and asset tokenization, Pakistan’s digital finance landscape appears to be entering a new phase. The outcome of these discussions is likely to shape the future of virtual assets, blockchain adoption, and digital monetary instruments in the country’s evolving financial ecosystem.
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