Experts at the Sustainable Development Policy Institute’s annual conference revealed that Pakistanis may have invested between $20 billion and $30 billion in crypto-linked assets. They urged the government to develop a regulatory framework quickly, warning that delays could cost the country a major economic opportunity.
Speakers highlighted that the true scale of crypto activity in Pakistan is uncertain, as no legal structure exists to recognize or monitor virtual asset transactions. Estimates suggest that trading volumes could eventually reach $300 billion, nearing Pakistan’s GDP of around $400 billion.
Conference experts emphasized a cautious, phased approach to legalization. Weak regulation and cybersecurity vulnerabilities could expose consumers to fraud and financial instability. They suggested that starting with a Central Bank Digital Currency (CBDC) could reduce remittance costs and bring digital transactions under state oversight.
Zafar Masud, President of the Pakistan Banks Association, said Pakistan could capture $20–25 billion in economic gains by acting early. He also mentioned that Pakistan is “seriously considering a rupee stablecoin” as part of the digital transition. However, Masud cautioned that cybersecurity challenges and negative public perception remain significant hurdles.
State Bank officials confirmed that work on a digital currency prototype has been ongoing since 2022, with technical support from the World Bank and IMF. A pilot phase is planned once testing is complete.
Experts agreed that crypto and other digital financial systems could lower remittance costs, expand financial inclusion, and align Pakistan with global fintech trends. However, delaying regulation could leave the country excluded from the next wave of digital finance.
The conference concluded with a call for policymakers to move swiftly, design clear rules, and implement robust cybersecurity measures. Proper oversight would ensure that Pakistan benefits from the growing crypto market while protecting consumers and maintaining financial stability.
With international fintech adoption accelerating, Pakistan faces both an opportunity and a challenge to regulate crypto effectively and tap into significant economic gains.
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