Pakistan is set to make a significant move in the world of cryptocurrency. The country plans to create a legal framework for crypto trading. This initiative aims to attract international investment and boost the local digital economy.
Bilal bin Saqib, the CEO of the Pakistan Crypto Council, shared these insights in an interview with Bloomberg TV. He emphasized the need for a clear regulatory structure to govern digital assets in Pakistan. This structure will help enhance the local ecosystem and provide much-needed clarity for investors.
Despite warnings from the central bank about the risks of cryptocurrency, trading remains popular in Pakistan. The nation ranks ninth globally in terms of crypto adoption, as reported by Chainalysis. Saqib estimates that there are between 15 million to 20 million crypto users in the country. This widespread interest highlights the potential for growth in this sector.
“Pakistan is done sitting on the sidelines,” Saqib declared. He believes the country can attract international investors because it is a low-cost, high-growth market. With 60% of the population under 30, there is a young, tech-savvy workforce ready to engage in the Web3 space.
The move to legalize cryptocurrency follows Saqib’s recent appointment as chief advisor to the finance minister. His role includes managing digital assets and exploring how artificial intelligence can improve government operations. This dual focus on digital assets and technology shows a commitment to innovation within the public sector.
As the global landscape shifts, lawmakers in Asia’s key digital asset markets are becoming more receptive to the industry. Saqib pointed out that former President Donald Trump’s pro-crypto stance in the U.S. is influencing other countries, including Pakistan. “Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit,” he stated.
This push for legalization could position Pakistan as a leader in the crypto market in South Asia. By establishing a regulatory framework, the country aims to create a safe environment for investors and users alike. The future looks promising for Pakistan’s digital economy as it embraces the potential of cryptocurrency.
