Pakistan has made a significant move toward blockchain-based finance by creating a government-owned Strategic Digital Wallet Company. The federal cabinet has greenlit the new state-owned enterprise (SOE) for the management and safekeeping of government virtual assets, marking an important step into the digital world for the country.
The organization has been set up under the Virtual Asset Ordinance 2025, which establishes an overarching legal framework to oversee virtual assets and Virtual Asset Service Providers (VASPs). This represents Islamabad’s commitment to innovation while ensuring enforcement, transparency, and national security.
The new organization will be registered with the Securities. And Exchange Commission of Pakistan (SECP) as a non-profit under Section 42 of the Companies Act, 2017. The organization is expected to operate as a safe public-sector cryptocurrency wallet promoting government-owned digital assets under a regulated and transparent framework, an initiative recommended by the Pakistan Crypto Council.
To fulfill the requirements of the SECP, three senior officials have been appointed as the company’s initial directors. Taimoor Hasan (Finance Division), Humera Azam Khan (Cabinet Division), and Amir Muhammad Khan Niazi (Law and Justice Division). In addition. Ahmed Taimoor Hasan has been named as the interim CEO until the Board is able to engage a permanent chief. In accordance with the State-Owned Enterprises (Governance and Operations Act), 2023.
The Strategic Digital Wallet is anticipated to become a critical pillar in the future of finance for Pakistan. According to authorities, the wallet may support tokenized government bonds, sovereign digital currencies. And cross-border transactions through blockchain protocols in a regulated ecosystem. It is being viewed as a non-proliferation tool against unregulated crypto-currency activity. which has created issues in the past.
While countries around the world are exploring the use of digital wallets. And central bank digital currencies (CBDC) in order to advance their financial systems. BBC News states that many countries in Europe have piloted state-backed digital currencies. CNN reports that countries, like China, have explored massive scale development of CBDC, which uses blockchain protocols. Pakistan’s step is viewed as an effort to begin to think in ways that help to situate themselves as a country thinking about what nations will do in employment of a future digital economy.
Analysts think that this SOE has the potential to contribute to building a stronger blockchain ecosystem for the country thus allowing for Pakistan to keep pace with changes in financial innovation around the world. However, they stress that achievement will rely on effective regulations, transparency, and ongoing monitoring and regulation.
For the moment, the development represents the government’s recognition of digital finance as a promising sector. With the creation of the Strategic Digital Wallet Company, Pakistan is indicating that it wants to be a proactive player in the emergent realities of blockchain-led economies.
