In a bold move to attract international investment, Pakistan is planning to create a comprehensive legal framework for cryptocurrencies. As the global landscape of digital finance continues to evolve, Pakistan aims to position itself as a leader in blockchain-powered finance. Bilal Bin Saqib, CEO of the Pakistan Crypto Council, articulated this vision, stating, “Pakistan is done sitting on the sidelines; we want to have regulatory clarity; we need to have a legal framework that is pro-business.”
With over 60% of its population being under the age of 30, Pakistan boasts a Web3-native workforce that is ready to innovate and contribute to the burgeoning crypto ecosystem. Saqib remarked, “We want Pakistan as the leader in blockchain-powered finance, and we want to attract international investment.” Earlier this month, he was appointed chief adviser to the finance minister concerning the management of cryptocurrencies, reflecting the government’s commitment to engage with technological advancements.
According to a recent study by blockchain analytics firm Chainalysis, Pakistan ranked ninth globally for crypto adoption in the previous year, with an estimated 20 million Pakistani crypto users. This significant engagement in the digital currency space suggests that the country is well-positioned for progression in the financial technology sector.
Saqib also highlighted how the changing tides in global politics are influencing the crypto sector. Notably, he described U.S. President Donald Trump as “the biggest bullish catalyst for crypto in history,” particularly given Trump’s intentions to create a Bitcoin reserve using digital assets confiscated by the government. Saqib emphasized that “Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit or risk being left behind.”
The appointment of Saqib as the CEO of the Pakistan Crypto Council signifies just the start of a transformative era for the country, as he expresses optimism in his statement, “This is just the beginning; Pakistan is open for business.” In his view, developing nations such as Pakistan and Nigeria can harness the potential of blockchain technology to enhance their economies.
By implementing blockchain for remittances and trade, these countries could significantly reduce dependence on traditional banking systems, thereby lowering transaction fees between 5% to 9%, and facilitating smoother cross-border payments. This potential for economic growth demonstrates the promising future that awaits Pakistan as it welcomes the rise of cryptocurrencies and blockchain technology.
As the world watches closely, Pakistan’s ambitions in the crypto sector could very well serve as a blueprint for other nations looking to engage with this futuristic financial paradigm.
