Islamabad: Pakistan is planning to legalise cryptocurrency trading to attract foreign investment and modernise its economy. The government aims to create a regulatory framework to integrate blockchain technology into the financial system.
Bilal bin Saqib, chief advisor to the finance minister and CEO of the newly formed Pakistan Crypto Council (PCC), revealed this in an interview with Bloomberg TV.
Why Is Pakistan Embracing Crypto?
For years, Pakistan’s central bank opposed cryptocurrencies due to concerns over fraud, money laundering, and financial risks. However, the country now ranks ninth in global crypto adoption.
Saqib said nearly 15-20 million Pakistanis are already trading digital assets. He also pointed out that countries like the US and UAE are adopting crypto-friendly policies.
A regulated crypto market could bring foreign investment and promote innovation. It would also allow the government to tax transactions, reducing its reliance on external borrowing.
Even the International Monetary Fund (IMF) has advised Pakistan to tax cryptocurrency transactions to help manage debt repayment.
What Is the Pakistan Crypto Council?
To ensure smooth implementation, Pakistan has set up the Pakistan Crypto Council (PCC). It is led by Finance Minister Muhammad Aurangzeb and includes key officials like:
The governor of the State Bank of Pakistan
The chairman of the Securities and Exchange Commission
Objectives of the PCC
The council aims to:
Formulate clear regulations for crypto trading
Encourage blockchain technology in different sectors
Protect investors and ensure financial stability
Pakistan’s decision to regulate cryptocurrency marks a major shift in its financial policies. The move is expected to boost investment and drive digital innovation in the country.
