Pakistan’s ruling party Senator Dr. Afnan Ullah Khan has introduced a revolutionary piece of legislation, the Virtual Assets Bill 2025, to regulate the booming digital asset market, including cryptocurrencies and blockchain-based technologies. The bill, which aims to lay down a clear legal framework for virtual assets, seeks to integrate these digital technologies into Pakistan’s financial system while ensuring financial stability and investor protection.
A pivotal aspect of the bill is the establishment of a Digital Rupee, a central bank-issued digital currency pegged to the Pakistani Rupee (PKR). This move is designed to enhance the country’s monetary system by modernizing traditional financial transactions, facilitating faster, more secure payments, and addressing the growing demand for digital financial services.
The bill outlines a regulatory framework for the issuance, use, trading, and management of virtual assets within Pakistan, ensuring that all digital assets are backed by the Pakistani Rupee. This would significantly mitigate the risks posed by volatile digital currencies and instill greater confidence among investors and users.
Furthermore, the legislation introduces the concept of Virtual Asset Zones, special areas designated for the trading and management of cryptocurrencies. These zones would be governed by stringent regulations to foster transparency, protect consumers, and prevent illicit activities such as money laundering and terrorism financing. The creation of such zones aims to provide a safe and controlled environment for cryptocurrency traders and businesses while enabling the government to effectively monitor and manage digital financial activities.
One of the key goals of the bill is to ensure that Pakistan remains competitive in the global digital asset ecosystem while safeguarding national interests. By offering a regulated environment for virtual assets, the bill is expected to attract international investment, foster innovation in blockchain technology, and open new avenues for digital entrepreneurship.
The introduction of the Virtual Assets Bill 2025 is a significant step toward shaping Pakistan’s digital economy, bringing the country closer to a future where cryptocurrencies and blockchain technologies are integrated into everyday financial transactions, under the watchful eye of the central bank.
