Pakistan is moving to legalize digital currencies as part of a strategic push to attract international investment and establish itself as a blockchain leader in South Asia. The government is drafting a regulatory framework to recognize cryptocurrencies as legal tender, a significant policy shift after years of cautious skepticism. The State Bank of Pakistan proposed the legalization, paving the way for the creation of a National Crypto Council composed of government officials, regulators, and industry experts to oversee policy development and address regulatory challenges.
Bilal Bin Saqib, CEO of the Pakistan Crypto Council and chief advisor to the finance minister, emphasized the country’s readiness to embrace digital assets. “Pakistan is done sitting on the sidelines,” he stated, highlighting the nation’s young, tech-savvy demographic—60% of the population is under 30—as a key driver for blockchain innovation. The initiative aims to leverage Pakistan’s low-cost, high-growth market and Web3-native workforce to attract global investors.
The National Crypto Council will collaborate with international partners to develop standardized frameworks for digital assets, aligning with global trends influenced by U.S. political developments. Saqib noted that former U.S. President Donald Trump’s pro-crypto policies have accelerated worldwide adoption, compelling countries like Pakistan to act. The council will also focus on integrating blockchain technology into remittances and trade, reducing reliance on traditional banking systems—a critical step for a country heavily dependent on overseas remittances.
Finance Minister Muhammad Aurangzeb has championed this progressive approach, marking a departure from previous administrations that rejected digital currencies. The regulatory framework under development will provide clarity for businesses and investors, fostering a secure and compliant ecosystem. Pakistan’s crypto market already boasts 15 to 20 million users, with ambitions to become a regional hub for Web3 innovation.
Sources:
https://www.ainvest.com/news/pakistan-moves-legalize-cryptocurrency-aims-blockchain-leadership-2503
https://gnnhd.tv/news/44993/pakistan-plans-to-legalize-cryptocurrency-to-attract-global-investment
Pakistan Set to Legalize Bitcoin and Cryptocurrency with New Framework to Attract Foreign Investment
https://www.dawn.com/news/1899163/pakistan-to-legalise-crypto-in-bid-to-lure-international-investment-report
https://www.ainvest.com/news/pakistan-legalizes-cryptocurrencies-aims-south-asia-crypto-capital-2503/
https://www.cnbctv18.com/market/pakistan-moves-to-legalise-crypto-eyes-foreign-investment-amid-global-shift-19576571.htm
