Pakistan is looking to establish a regulatory framework for cryptocurrency in an effort to attract international investors to the Central Asian nation.
“Pakistan is ready to move forward; we seek regulatory clarity and aim for a business-friendly legal structure,” stated the CEO of the Pakistan Crypto Council, Bilal Bin Saqib, in a conversation on March 20.
He emphasized, “Our goal is for Pakistan to lead in blockchain-driven finance and draw in international investments. With 60% of our population under the age of 30, we have a workforce that is well-versed in Web3 technologies and prepared to innovate.”
Earlier this month, Saqib was appointed chief adviser to Pakistan’s finance minister focusing on cryptocurrency management.
A blockchain analysis company positioned Pakistan ninth in terms of cryptocurrency adoption last year, with Saqib estimating up to 20 million users of crypto within the country.
He referred to former US President Donald Trump as “the biggest bullish catalyst for crypto in history,” noting that Trump has initiated moves to create reserves of Bitcoin and other digital assets seized by the government.
“Trump is prioritizing cryptocurrency on a national scale, and countries, including Pakistan, need to adapt or risk falling behind,” Saqib remarked.
Following his appointment as CEO of the Pakistan Crypto Council on March 14 by the current government’s Finance division, he stated, “This is merely the beginning; Pakistan is ready for business.”
According to Saqib, developing countries like Pakistan and Nigeria stand to gain significantly from adopting blockchain and cryptocurrency technologies. He highlighted that “by utilizing blockchain for remittances and trade, these nations can lessen their dependence on conventional banking, reduce fees ranging from 5-9%, and establish efficient cross-border payment systems.”