Wednesday, July 23, 2025

Is Pakistan Ready to Legalize Digital currency?

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As digital currencies reshape the global financial landscape, Pakistan is preparing to regulate this evolving sector.

Prime Minister Shehbaz Sharif, while chairing a meeting of the Economic Advisory Council (EAC) on Wednesday, announced that the government is working towards digital currency regulations, recognizing their growing role in the global financial system. He stated that consultations were underway to assess the benefits and risks of these currencies.

A source in the Prime Minister’s Office (PMO) revealed that Shehbaz sees digital transactions becoming increasingly prevalent worldwide. “We are carefully reviewing the pros and cons before taking any regulatory steps,” the source added.

During the meeting, EAC members expressed confidence in the government’s economic policies and presented recommendations for strengthening economic growth. The prime minister welcomed their input and directed authorities to collaborate with the council on a comprehensive action plan.

Reaffirming his commitment to sustainable economic development, Shehbaz emphasized that economic stability is a collective effort. He stressed the importance of leveraging Pakistan’s regional trade potential and boosting the competitiveness of local industries in global markets. He identified industry, agriculture, IT development, job creation, and exports as key priorities.

The prime minister also underscored the need to establish green data centers and enhance telecom services to expand internet access in remote areas—measures aimed at supporting freelancers and IT exports.

Shehbaz urged that the meeting’s discussions be translated into actionable policies. Participants acknowledged that Pakistan’s economy was on a stabilizing trajectory, with improved price stability driving production growth.

They further noted that the government’s economic team had exceeded expectations, earning recognition from international financial institutions and investors. Additionally, the prime minister was praised for initiating institutional reforms, including improvements in taxation, regulatory processes, and the business environment—factors that have facilitated growth across key sectors.

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