Pak govt accelerates push for cryptocurrency adoption: Report
The discussions on the matter took place during a high-level meeting on Tuesday, aimed at integrating virtual currencies into the financial system.
The meeting saw Pakistan Crypto Council (PCC) CEO Bilal Bin Saqib giving a presentation on the usage of virtual currencies in Pakistan, the Dawn newspaper reported.
In May, Saqib was appointed the Prime Minister's special assistant on blockchain and cryptocurrency, with the status of a minister of state.
'We were told that the cryptos are the future currency for the changed economic world,' the report quoted a banker as saying on condition of anonymity.
Participants of the meeting said it seemed like the government was in a hurry to make use of cryptocurrencies on a large scale and make them part of the economy as soon as possible, the paper said.
Some have raised questions about the high level of risk involved, but Saqib played down the speculative risks.
Although cryptocurrencies have been in vogue for years, most central banks around the world have steered clear of any attempts to regulate them.
On July 9, State Bank of Pakistan (SBP) Governor Jameel Ahmed had said that they were preparing to launch a pilot for a digital currency, and were finalising legislation to regulate virtual assets.
The SBP and Finance Division are currently engaged with the Pakistan Crypto Council to develop an appropriate legal and regulatory framework for virtual assets.
'Risks are still high, since the prices of cryptocurrencies fluctuate with a wide margin, like Bitcoin prices could jump from USD 35,000 to USD 70,000,' a financial expert said.
However, he claimed that both the SBP and the government were ready for crypto transactions.
On Tuesday, banks, foreign exchange companies and gold traders were briefed on the benefits of such currencies.
Participants of the meeting were told that the central bank would issue licenses for crypto trading banks and other financial institutions.
One banker hinted at the possibility of opening field offices in major cities to make virtual assets easily accessible and promote virtual transactions.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies,... More
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
an hour ago
- Hindustan Times
India ramps up US energy imports as Trump pushes balanced trade
Washington: India has dramatically increased its energy purchases from the US since Donald Trump returned to office in January, with crude oil imports surging 51% in the first half of 2025 compared to the same period last year, according to data cited by people aware of the trade specifics between the two nations. The surge follows a February agreement between Trump and Prime Minister Narendra Modi in Washington, where both leaders committed to expanding energy cooperation. (PTI) The energy buying spree reflects New Delhi's commitment to rebalance trade ties with Washington, a key demand of the Trump administration. Liquefied natural gas imports have nearly doubled from $1.41 billion in FY2023-24 to $2.46 billion in FY2024-25. The surge follows a February agreement between Trump and Prime Minister Narendra Modi in Washington, where both leaders committed to expanding energy cooperation. India pledged to boost American energy imports to $25 billion from $15 billion in 2024, while bilateral trade is targeted to more than double from $200 billion to $500 billion by 2030. 'The leaders reaffirmed their commitment to increase energy trade, as part of efforts to ensure energy security, and to establish the United States as a leading supplier of crude oil and petroleum products and liquefied natural gas to India,' the joint statement said. The momentum has accelerated significantly. Indian crude purchases from America jumped 114% to $3.7 billion in the first quarter of FY2025-26 from $1.73 billion in the same period the previous year. In July alone, imports rose 23% month-on-month, pushing America's share of India's total crude imports from 3% to 8%. 'This trend is increasing further from July this year. So, in July 2025 India imported 23% more crude oil from the US compared to June 2025,' said one of the people who analysed the data. 'Also, in India's overall crude imports, while the US share was earlier only 3%, in July that share increased to 8%.' American LNG has emerged as particularly attractive to Indian companies. 'Buying LNG from America is a very attractive proposition for many Indian companies,' said Prashant Vashisht, senior vice president at ratings agency ICRA. 'Firstly, US LNG, which is priced based on the Henry Hub benchmark, is very competitive price-wise compared to other sources. Second, a large number of LNG projects are coming online in the United States, which will mean that more Indian companies will look closely at the American market for tying up long-term contracts.' The timing aligns with America's plans to rapidly expand oil and gas exports. Trump reversed the Biden administration's pause on processing LNG export licences soon after taking office. The US Energy Information Administration expects North America's LNG export capacity to double by 2028, with America providing most of the increase. India's growing appetite for American energy comes as the country is poised to become the world's largest driver of oil demand growth. The International Energy Agency estimates India will surpass China as the major driver of global oil demand growth by 2030, with LNG demand expected to jump 78% to reach 64 billion cubic metres annually. 'Additional long-term LNG contracts worth tens of billions of dollars are being discussed. Indian oil and gas majors are in discussions with their US counterparts for long-term purchase of US oil and gas,' another person familiar with the matter said. 'India considers the US as among the most reliable partners for India's energy security.' However, energy ties remain a point of contention, particularly regarding India's continued purchases of Russian crude oil. The Trump administration has pressed New Delhi to reconsider its energy relationship with Moscow to pressure President Vladimir Putin to negotiate an end to the Russia-Ukraine conflict.
News18
2 hours ago
- News18
Capri Global Q1 PAT jumps over two-fold to Rs 175 cr; AUM crosses Rs 24,750 cr
Agency: Last Updated: New Delhi, Aug 2 (PTI) Capri Global Capital Ltd on Saturday reported more than two-fold jump in its consolidated net profit to Rs 175 crore for the quarter ended June 2025, aided by higher margins and operating efficiencies. The non-banking financial company had reported a profit after tax of Rs 76 crore in the year-ago period. Total income of the company rose by over 41 per cent to Rs 582 crore in the June quarter compared to Rs 410 crore in the year-ago period, a statement said. The non-banking financial company's consolidated assets under management (AUM) surged by 42 per cent year-on-year to Rs 24,754 crore in the first quarter of FY26, driven by robust growth in its retail loan portfolio, the company said. Capri Global's gold loans grew 69 per cent, while housing loans expanded 32 per cent during the quarter. Co-lending AUM rose 64 per cent to Rs 4,681 crore, contributing 18.9 per cent to the total AUM compared to 17.8 per cent in the previous quarter. 'Our tech-led infrastructure and customer-first approach will continue to enable us to scale efficiently while maintaining strong profitability. With margin expansion driven by high-yield products, steady growth in fee-based income, and tech-led cost efficiencies, we are well placed to deliver robust returns," Capri Global Capital Ltd founder & MD Rajesh Sharma said. The successful equity raise during the quarter has further strengthened our capital base, providing the capital to accelerate our geographic expansion and deepen our investments in AI and data science capabilities, he added. PTI HG HG MR view comments First Published: August 02, 2025, 21:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Print
2 hours ago
- The Print
Mangalam Worldwide profit jumps 68 pc, revenue by 21pc in June quarter
New Delhi, Aug 2 (PTI) Stainless-steel manufacturer Mangalam Worldwide Ltd on Saturday reported a over 68 per cent jump in its profit after tax to Rs 10.13 crore for the April-June quarter of 2025-26 compared to the year-ago period. Total income of the company rose by more than 21 per cent to Rs 279.41 crore in the first quarter of FY2025-26 against Rs 230.21 crore in the year-ago period, the company said in a statement.
