Pakistan plans to legalize cryptocurrency to attract investments

What’s new? Pakistan has started developing a regulatory framework for the crypto industry to attract international investors. Bilal bin Saqib, who was appointed head of the crypto council under the Finance Ministry on March 14, said the following in an interview with Bloomberg: “Pakistan is done sitting on the sidelines; we want to have regulatory clarity; we need to have a legal framework that is pro-business.”

Material by Bloomberg

What else is known?

“We want Pakistan as the leader in blockchain-powered finance. We want to attract international investment because Pakistan is a low-cost high-growth market with 60% of the population under 30. We have a Web3 native workforce ready to build.”

Last year, a team from blockchain analytics platform Chainalysis ranked Pakistan ninth in terms of cryptocurrency adoption. Saqib also said that there are as many as 20 million users of digital assets in Pakistan.

He called US President Donald Trump “the biggest bullish catalyst for crypto in history.” Earlier this month, Trump issued an executive order to create a bitcoin reserve and an altcoin reserve using coins confiscated by the government.

“Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit or will be at the risk of being left behind,” Saqib said.

US congressman has offered to protect Trump’s executive order on the BTC reserve from possible repeal by his successors

To pass, the document must receive majority support in the House of Representatives and 60 votes in the Senate

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According to the official, developing countries such as Pakistan and Nigeria can greatly benefit from the adoption of blockchain and cryptocurrencies:

“By leveraging blockchain for remittances and trade, both nations can reduce reliance on traditional banking, lower 5-9% fees, and create seamless cross-border payment networks.”

Pakistan’s plans to create a national cryptocurrency council to develop regulation came to light last month, after local officials held a meeting with Trump’s digital asset advisers. Notably, Pakistan’s Finance Ministry had opposed the creation of crypto regulation in previous years.

The council is an advisory body comprising government and regulators as well as industry experts. It will oversee the development of crypto policies and cooperate with other countries to develop a standardized framework.