Pakistan plans to establish a legal framework for cryptocurrency trading and become the crypto hub of South Asia to attract foreign investment.
Bilal bin Saqib, the chief executive officer of the Pakistan Crypto Council, said the country wants to improve the local ecosystem by creating a clear regulatory framework for digital asset activities.
Saqib is leading initiatives to advance Pakistan’s cryptocurrency sector
Despite the central bank’s warnings about the risks associated with the industry, cryptocurrency trading is already popular in South Asia.
Chainalysis reports that Pakistan is the ninth country in the world in terms of crypto adoption. Saqib stated in an interview with Bloomberg TV that the state has between 15 and 20 million cryptocurrency users. In addition, more than $20 billion has been traded in cryptocurrencies on this market.
The CEO of the Pakistan Crypto Council said, “Pakistan is done sitting on the sidelines.” He added, “We want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30. We have a Web3 native workforce ready to build.”
The crypto legalization plan follows Saqib’s appointment earlier this month as the finance minister’s chief advisor for digital asset management. He will also offer guidance on exploring the application of artificial intelligence to improve government efficiency, optimize decision-making procedures, and stimulate innovation in public sector operations.
Meanwhile, global developments are also influencing Pakistan’s stance. Donald Trump’s pro-crypto agenda in the US encouraged lawmakers in some of Asia’s major digital asset markets to express a greater interest in the sector.
Saqib said, “Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit.”
The South Asian state aims to establish itself as a pioneer in blockchain finance by taking the initiative, drawing in foreign capital, and promoting economic expansion.
Still, some policymakers remain cautious. Recently, Czech National Bank board member Jan Kubicek listed some of Bitcoin’s problems, such as its volatility, legal status, and direct ownership.
Kubicek clarified that the digital asset’s legal status and direct ownership would necessitate the creation of several new processes in fields such as auditing and accounting. He added that it was difficult to evaluate changes in market prices due to volatility.
Pakistan established its crypto council to oversee digital assets
The idea to create the Pakistan Cryptocurrency Council (PCC) was born on February 25. Finance Minister Muhammad Aurangzeb’s ministry announced plans to create a national crypto council following a meeting with a foreign delegation. Moreover, the government’s adoption of digital currencies aimed to keep it competitive with worldwide trends.
On March 14, the finance ministry revealed that the council’s main objectives were establishing clearly defined regulatory standards for cryptocurrency to maintain financial stability and protect investors.
The council’s role was to oversee the growth of the cryptocurrency market and implement regulations governing digital currencies. Finance Minister Muhammad Aurangzeb was nominated to serve as the council’s chairman.
With the launch of PCC, Pakistan has advanced blockchain integration and regulation. The Finance Division asserted that the council would help the state maintain its competitiveness in the global financial markets.
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