The government of Pakistan has established the Pakistan Crypto Council (PCC) to oversee the integration and use of blockchain technology and digital assets into the nation’s financial landscape. The initiative, announced in a statement by the Finance Division, aims to regulate, foster, and incorporate crypto innovations into Pakistan’s economic framework.

The initiative marks an about-turn from the country’s previous stance on digital assets, which stated they could not be legalized due to their use in terror financing. The establishment of the PCC positions Pakistan as a potential key player in the global shift to blockchain technology and digital finance at a time when the White House has given the green light to a strategic Bitcoin reserve.

The PCC’s formation follows Bilal bin Saqib’s appointment as Chief Advisor to the Finance Minister for the council. The appointment “marks a significant step forward in Pakistan’s commitment to embracing the transformative potential of digital currencies, ensuring financial security, mitigating risks, and effectively assessing the impact of cryptocurrencies on Pakistan’s economy,” commented a spokesperson for the Finance Division.

Finance Minister Muhammad Aurangzeb will chair the council, leading a diverse board that includes high-ranking officials from key financial and regulatory bodies. This leadership structure, comprising the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Law and IT Secretaries, is designed to ensure a comprehensive approach to regulatory oversight, financial stability, and technological advancement.

Appointed as the council’s CEO, Bilal bin Saqib highlighted that the PCC’s mission extends beyond regulation, emphasizing the council’s aim to create an environment conducive to the growth of blockchain and digital finance and a competitive player in the global digital economy.

The PCC’s agenda includes developing clear regulatory guidelines for crypto adoption, collaborating with international crypto and blockchain organizations, and promoting responsible innovation. The council will also focus on consumer protection and financial security through a robust legal and compliance framework.

Pakistan currently ranks among the top countries for crypto adoption, with an estimated 20 million active crypto users and over $20 billion in crypto transactions. The country’s significant remittance market, valued at $35 billion annually, also stands to benefit from increased crypto adoption.

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