The government of Pakistan has launched the Pakistan Crypto Council (PCC) to manage the integration and application of blockchain technology and digital assets within the nation’s financial system. This initiative, revealed by the Finance Division, seeks to regulate, promote, and embed crypto innovations into Pakistan’s economic structure.
This development represents a significant shift from the nation’s earlier position on digital assets, which asserted they could not be legalized due to concerns over their association with terror financing. The creation of the PCC positions Pakistan as a potential significant player in the global transition toward blockchain technology and digital finance, especially as the administration in the United States has approved a strategic Bitcoin reserve.
The formation of the PCC coincides with the appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for the council. This selection is seen as a major advancement in Pakistan’s dedication to harnessing the transformative capabilities of digital currencies, aiming to ensure financial security, reduce risks, and thoroughly evaluate the influence of cryptocurrencies on the nation’s economy.
Finance Minister Muhammad Aurangzeb will lead the council, which will feature a diverse board comprised of senior officials from essential financial and regulatory institutions. This leadership team, which includes 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, aims to facilitate a holistic approach to regulatory oversight, financial stability, and technological progress.
Bilal bin Saqib, now appointed as the council’s CEO, pointed out that the PCC’s mission transcends mere regulation, focusing on fostering an environment that encourages the growth of blockchain and digital finance, thereby positioning Pakistan as a competitive participant in the global digital economy.
The agenda of the PCC involves establishing clear regulatory frameworks for crypto adoption, collaborating with international crypto and blockchain organizations, and encouraging responsible innovation. The council is also committed to consumer protection and financial security through a robust legal and compliance structure.
Currently, Pakistan ranks among the leading countries for crypto adoption, with roughly 20 million active crypto users and more than $20 billion in cryptocurrency transactions. The country’s substantial remittance market, valued at $35 billion annually, stands to gain significantly from increased cryptocurrency adoption.