Pakistan Appoints Changpeng Zhao as Crypto Adviser Amid Growing Adoption
April 7, 2025
In a significant move to enhance its approach to digital assets, the Pakistan Crypto Council (PCC) has announced the appointment of Changpeng Zhao, commonly referred to as "CZ," as an adviser. This comes as the nation accelerates its adoption of blockchain technology and cryptocurrency, aiming to establish itself as a competitive player in the global digital economy.
Overview of the Appointment
The confirmation of Zhao’s appointment was made by Pakistan’s finance ministry and released via a report by Bloomberg on April 7. Zhao will provide counsel to the newly formed PCC on crucial matters related to cryptocurrency regulation, infrastructure development, and broader adoption strategies.
Zhao is a prominent figure in the cryptocurrency world, previously serving as the CEO of Binance from 2017 until his resignation in November 2023. His tenure at Binance ended following a guilty plea to charges associated with violations of U.S. money laundering laws, resulting in a four-month prison sentence. Despite these legal troubles, his experience and visibility in the crypto sector make him a valuable asset for Pakistan as it seeks to navigate its burgeoning crypto landscape.
The Role of Pakistan Crypto Council
Formed in March, the PCC is a regulatory body established to steer Pakistan’s engagement with blockchain and cryptocurrency markets. Bilal bin Saqib, the CEO of the PCC, expressed a vigorous determination to develop a clear regulatory framework. "Pakistan is done sitting on the sidelines," he stated in a previous interview. Saqib emphasized the potential for attracting international investments, asserting that the country boasts a low-cost, high-growth market coupled with a Web3-savvy workforce ready to innovate.
Pakistan as an Emerging Crypto Hub
Pakistan has been identified as a potential hotbed for crypto adoption due to its expanding population and sizable diaspora. The nation has previously experienced challenges, particularly with a robust black market for foreign exchange transactions. However, recent policies aiming to curtail illegal dollar trades have coincided with an increase in remittances sent through formal channels, as reported by economists.
In the Chainalysis 2024 crypto adoption index, Pakistan ranked ninth among Central and Southern Asia and Oceania (CSAO) nations, driven by notable retail engagement in cryptocurrency and transactions through centralized services. This positions Pakistan as a key player in the growing regional crypto landscape.
The Popularity of Stablecoins
In regions grappling with currency volatility, stablecoins have emerged as a pivotal use case for cryptocurrencies. Despite limited data on their utilization within Pakistan, a 2023 survey by KuCoin indicated that 33% of local crypto investors leverage digital assets as a hedge against the depreciating rupee. Additionally, a recent Bitget survey revealed that 46% of respondents across South Asia— a region that includes Pakistan, India, and Bangladesh— value the efficiency and accessibility of digital transactions.
Conclusion
Changpeng Zhao’s appointment as an adviser to the Pakistan Crypto Council signifies the country’s commitment to progressing in the digital asset arena, setting the stage for regulatory developments and potential foreign investments. With a clear strategy for growth, Pakistan is poised to transform its economic landscape through innovative blockchain solutions and cryptocurrency adoption.
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