Pakistan legalizes cryptocurrency

Pakistan is planning to establish a legal framework for cryptocurrency to attract international investors.

"Pakistan is no longer an outsider. We seek clarity in regulations and need a legal framework that supports businesses," said Bilal Bin Saqib, CEO of the Pakistan Cryptocurrency Council, in an interview with Bloomberg on March 20.

He emphasized the ambition to make Pakistan a leading nation in the field of blockchain application finance and attract international investment. "60% of Pakistan's population is under 30 years old, and we have a local workforce in the Web3 sector ready to contribute and develop," he added.

Earlier this month, Mr. Saqib was appointed as the chief advisor to the Finance Minister of Pakistan on cryptocurrency management, marking a significant step forward in the country's strategy to promote cryptocurrency.

According to a report by blockchain analysis company Chainalysis, Pakistan ranked ninth globally in terms of cryptocurrency adoption last year. Mr. Saqib stated that there are currently up to 20 million Pakistanis using cryptocurrency, indicating the strong growth potential of this market.

Notably, Mr. Saqib referred to former U.S. President Donald Trump as the "largest driving force in history for cryptocurrency." He mentioned that Trump had established a Bitcoin reserve and accumulated cryptocurrency assets seized by the U.S. government.

"Trump is making cryptocurrency a national priority, and every country, including Pakistan, will be forced to adapt or risk being left behind," Mr. Saqib commented.

On March 14, the Finance Department of the Pakistan government officially appointed Mr. Saqib as the CEO of the Pakistan Cryptocurrency Council. Speaking at the event, he stated: "This is just the beginning, Pakistan is ready to open up to business opportunities."

Saqib believes that developing countries like Pakistan and Nigeria can benefit significantly from the application of blockchain and cryptocurrency. He stated:

"Utilizing blockchain in remittances and trade will help these countries reduce their dependence on traditional banking systems, cut transaction costs by 5-9%, and build seamless cross-border payment networks."

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making any decisions. We are not responsible for your investment decisions.

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