The government of Pakistan has taken a significant step towards embracing blockchain technology and digital assets by establishing the Pakistan Crypto Council (PCC). This initiative, announced by the Finance Division, aims to regulate and incorporate crypto innovations into Pakistan’s economic framework, positioning the country as a potential key player in the global shift towards digital finance.
This move marks a notable departure from Pakistan’s previous stance on digital assets, which had stated that they could not be legalized due to concerns about their use in terror financing. However, with the establishment of the PCC, Pakistan is now actively working towards embracing the transformative potential of cryptocurrencies and ensuring financial security.
Bilal bin Saqib has been appointed as the Chief Advisor to the Finance Minister for the council, a significant development in Pakistan’s commitment to digital currencies. The spokesperson for the Finance Division commented that this appointment signifies Pakistan’s dedication to effectively assessing the impact of cryptocurrencies on its economy and mitigating associated risks.
The council will be chaired by Finance Minister Muhammad Aurangzeb and will consist of high-ranking officials from key financial and regulatory bodies, including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Law and IT Secretaries. This diverse board ensures a comprehensive approach to regulatory oversight, financial stability, and technological advancement.
Bilal bin Saqib, as the CEO of the council, emphasizes that the PCC’s mission extends beyond regulation. The council aims to create an environment conducive to the growth of blockchain and digital finance, positioning Pakistan as a competitive player in the global digital economy.
The PCC has outlined several key objectives, including the development of clear regulatory guidelines for crypto adoption, collaboration with international crypto and blockchain organizations, and the promotion of responsible innovation. The council also prioritizes consumer protection and financial security through the establishment of a robust legal and compliance framework.
Pakistan is already among the top countries for crypto adoption, with an estimated 20 million active crypto users and over $20 billion in crypto transactions. The country’s significant remittance market, valued at $35 billion annually, stands to benefit from increased crypto adoption.
In conclusion, the establishment of the Pakistan Crypto Council demonstrates Pakistan’s commitment to embracing blockchain technology and digital assets. Through the council’s initiatives, Pakistan aims to regulate and foster the growth of crypto innovations, positioning itself as a competitive player in the global digital economy.
