The government of Pakistan has taken a bold step forward in embracing blockchain technology and digital assets by establishing the Pakistan Crypto Council (PCC). This council, announced by the Finance Division, is set to regulate, foster, and incorporate crypto innovations into Pakistan’s economic framework. This initiative marks a significant shift from the country’s previous stance on digital assets, which had been hesitant due to concerns about terror financing.
With the establishment of the PCC, Pakistan is positioning itself as a potential key player in the global shift towards blockchain technology and digital finance. This move comes at a time when the White House has recently approved the creation of a strategic Bitcoin reserve, further highlighting the growing importance of digital assets on the world stage.
Leading the PCC is Finance Minister Muhammad Aurangzeb, who will chair a diverse board consisting of high-ranking officials from key financial and regulatory bodies. This leadership structure, which includes the Governor of the State Bank of Pakistan and the Chairman of the Securities and Exchange Commission of Pakistan (SECP), aims to ensure comprehensive regulatory oversight, financial stability, and technological advancement in the country.
Bilal bin Saqib has been appointed as the council’s Chief Advisor, and as the CEO of the PCC, he emphasized that the council’s mission goes beyond regulation. The PCC aims to create an environment conducive to the growth of blockchain and digital finance in Pakistan, making the country a competitive player in the global digital economy.
The agenda of the PCC includes developing clear regulatory guidelines for crypto adoption, collaborating with international crypto and blockchain organizations, and promoting responsible innovation. Additionally, the council will focus on consumer protection and financial security through 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, is also expected to benefit from increased crypto adoption.
Overall, the establishment of the Pakistan Crypto Council marks a significant step towards embracing the transformative potential of digital currencies and positioning Pakistan as a key player in the global digital economy. With a strong leadership team and a comprehensive regulatory framework, the PCC is poised to drive innovation and growth in the blockchain and digital finance sector in Pakistan.
