Islamabad (Web Desk): Minister of State for Blockchain and Cryptocurrency Bilal Bin Saqib has announced that the State Bank of Pakistan (SBP) has lifted an eight-year ban on crypto banking activities.
In a statement issued from Islamabad, he said that Pakistani banks are now permitted to open accounts for licensed cryptocurrency companies, marking a significant policy shift in the financial sector.
According to him, crypto firms were previously operating without any formal connection to the banking system, limiting their ability to function within regulated financial channels.
Bilal Bin Saqib clarified that while banks will be allowed to facilitate accounts for registered crypto companies, they will not be permitted to engage in cryptocurrency trading or investment activities.
He added that banks cannot use their own or customers’ funds to purchase, hold, or trade digital assets.
Officials stated that the move aims to bring crypto-related activities under a regulated framework, improve transparency, and strengthen oversight within the financial system.