Pakistan is gearing up to embrace bitcoin and cryptocurrency through legal measures and a new regulatory framework aimed at drawing in foreign investment and enhancing adoption rates. Bilal Bin Saqib, who heads the Pakistan Crypto Council, shared these exciting developments with Bloomberg, highlighting the ambition and commitment to integrating these digital currencies into the economic fabric of the country.
In a strategic move, the government plans to establish clear regulations that align with global standards. Last week, Pakistan’s Finance Minister initiated the creation of the Pakistan Crypto Council (PCC) to guide this transformative shift in the nation’s crypto landscape.
Saqib noted, in his conversation with Bloomberg, that Pakistan is ready to step off the bench and actively participate in the world of bitcoin and cryptocurrency. “Our country is a low-cost, high-growth environment with a youthful demographic—60% of our population is under 30,” he pointed out. This young workforce is poised to support a thriving blockchain ecosystem.
A recent tweet from Saqib reinforced this vision, expressing his enthusiasm for positioning Pakistan as a leader in blockchain-driven finance.
Moreover, with global leaders like the U.S. acknowledging cryptocurrency as a priority, it’s becoming essential for nations, including Pakistan, to follow this digital path. This new direction marks a significant departure for Pakistan, which initially had a conservative stance on crypto, banning it altogether at one point. Now, the country is keen to capitalize on this momentum, hoping to establish a foothold as a regional frontrunner to engage with international investors.
Despite previous concerns from the central bank regarding cryptocurrencies, the current government is actively working to offset these worries through well-thought-out legislation. By implementing clear rules, Pakistan aims to foster innovation while curtailing potential misuse of these decentralized systems.
