Pakistan stunned the global crypto community with a bullish announcement about creating a state-backed Strategic Bitcoin Reserve, only for top government officials at home to swiftly contradict the move. At the Bitcoin Vegas 2025 Conference, Bilal Bin Saqib, Special Assistant to the Prime Minister on Crypto and Blockchain, declared that Pakistan was taking its first formal step into decentralized finance. Saqib, also CEO of the newly formed Pakistan Crypto Council, unveiled a national bitcoin wallet, outlined plans to use 2,000 megawatts of surplus electricity for mining and AI data centers, and emphasized alignment with U.S. crypto leadership: “We want to thank the US because we are getting inspired from them.”

However, Pakistani authorities quickly moved to disavow the announcement. On May 30, Finance Secretary Imdadullah Bosal reportedly clarified before the National Assembly’s Standing Committee on Finance and Revenue that no official change in policy had occurred and that cryptocurrency remains illegal under current regulations. Referencing guidance from the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan, Bosal said:

There will be a legal framework only when the government formally takes a decision.

The government’s statements underscored that no legal backing exists for any crypto initiative, including sovereign bitcoin reserves.

Meanwhile, efforts to formalize the digital economy continue in parallel. The Pakistan Digital Assets Authority, created on May 22, is tasked with developing a Financial Action Task Force-compliant framework, overseeing virtual asset service providers, and integrating blockchain in land records and governance.

While Saqib’s pitch aimed to attract foreign investment and project Pakistan as a hub for digital innovation, domestic economists raised red flags. They warned of the speculative nature of cryptocurrencies and the dangers of allocating public funds to volatile assets. Critics, including the International Monetary Fund (IMF), have also questioned electricity subsidies for mining, arguing that they unfairly favor crypto operations over households and other industries. Still, supporters of the initiative say digital asset strategies can drive innovation, unlock foreign capital, and position Pakistan within a rapidly evolving global financial system.

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