Pakistan Crypto Council Established

The government of Pakistan has established the Pakistan Crypto Council (PCC) to oversee the integration and use of blockchain technology and digital assets into the nation’s financial landscape. This initiative, announced by the Finance Division, aims to regulate, foster, and incorporate crypto innovations into Pakistan’s economic framework.

This marks a significant shift from the country’s previous stance on digital assets, which prohibited their legalization due to concerns over terror financing. The formation of the PCC positions Pakistan as a potential key player in the global shift to blockchain technology and digital finance, especially following the White House’s approval of a strategic Bitcoin reserve.

The PCC’s formation follows the appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for the council. A spokesperson for the Finance Division stated that this move represents Pakistan’s commitment to embracing digital currencies, ensuring financial security, mitigating risks, and assessing the impact of cryptocurrencies on the economy.

Finance Minister Muhammad Aurangzeb will chair the council, which includes key officials from various financial and regulatory bodies such as the Governor of the State Bank of Pakistan and the Chairman of the Securities and Exchange Commission of Pakistan (SECP). This leadership structure ensures a comprehensive approach to regulatory oversight, financial stability, and technological advancement.

Bilal bin Saqib, the council’s CEO, emphasized that the PCC’s mission extends beyond regulation. The council aims to create an environment conducive to the growth of blockchain and digital finance, making Pakistan a competitive player in the global digital economy.

The PCC’s agenda includes:
– Developing clear regulatory guidelines for crypto adoption.
– Collaborating with international crypto and blockchain organizations.
– Promoting responsible innovation.
– Focusing on consumer protection and financial security through a robust legal and compliance framework.

Pakistan currently ranks 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, also stands to benefit from increased crypto adoption.