Islamabad: Pakistan plans to bring cryptocurrencies into the formal economy under its first Virtual Assets Regulatory Framework, Advisor to the Finance Minister Khurram Schehzad said on Monday.
Speaking at the FinTech Forward Forum during ITCN Asia, he said the Pakistan Virtual Assets Regulatory Authority (PVARA) will regulate crypto and allow holders to join the formal digital system. Tax incentives are also under consideration.
He said “Digital Nation Pakistan 2025” aims to make Pakistan a fully digital country. Currently, 99 percent of government files are moved digitally through the E-Office system.
The government plans to open 120 million bank accounts and make all government transactions fully digital. Pakistan is developing the framework cautiously, learning from global models like the UAE.
