Pakistan's relationship with Bitcoin has shifted from a complete ban in 2018 to recent moves towards establishing a strategic Bitcoin reserve and allocating energy for mining. The country is creating a new regulatory agency to clarify the legal environment surrounding Bitcoin. This development comes amid skepticism regarding geopolitical motivations, particularly criticism linked to the U.S. and regional tensions. Despite concerns, the move may be a response to persistent economic challenges, highlighting the complexities of navigating cryptocurrency amidst regulatory uncertainty.
This muddled relationship with Bitcoin seems to have turned a corner in recent weeks as Bilal Bin Saqib, head of the Pakistan Crypto Council, at the Bitcoin 2025 Conference in Las Vegas announced that the country is moving to establish a strategic Bitcoin reserve.
Critics have argued that this is merely an attempt by Pakistan to cozy up to Trump in the aftermath of the recent skirmish with India.
Others have asserted that Pakistan is merely seeking to build resistance to possible sanctions in the future over its support for terrorist groups.
The Ministry of Finance has also commissioned the establishment of an entirely new agency to oversee digital asset regulation which could lead to a less opaque legal framework.
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