Open-mind to cryptocurrency urged

Finance Minister Muhammad Aurangzeb has stressed the need to enhance the digitisation of Pakistan's banking system and urged authorities, especially the State Bank of Pakistan (SBP), to consider the potential introduction of cryptocurrency with an "open mind" as digital banking gains momentum in the country. Speaking at The First Pakistan Banking Summit 2025 in Karachi, Aurangzeb acknowledged that cryptocurrency is already being used in the informal market. He emphasised the importance of staying ahead of the curve by developing a regulatory framework for digital assets and artificial intelligence (AI). "In Pakistan, we are engaged in the 'war on cash' to promote a cashless society through digital banking solutions, point-of-sale (POS) systems, and QR codes," he explained.