Can Binance Founder Changpeng Zhao Help Pakistan Become a Crypto Power?
Introduction
In a notable development for Pakistan’s digital finance landscape, Changpeng Zhao, founder of Binance—the world’s largest cryptocurrency exchange—has been appointed as a strategic adviser to the newly formed Pakistan Crypto Council (PCC). This initiative marks a significant shift in the country’s stance on cryptocurrency, as Islamabad seeks to embrace innovation while establishing a regulatory framework that protects investors and the financial ecosystem.
The Shift in Crypto Policy
For years, Pakistan has taken a cautious approach towards cryptocurrencies, even banning financial institutions from processing such transactions back in 2018. However, a notable change occurred in March 2025 with the launch of the PCC, aimed at fostering growth within the digital finance sector. Prime Minister Shehbaz Sharif’s government is keen to convey a message to the global market that Pakistan is now open to crypto innovations.
“We are sending a clear message to the world: Pakistan is open for innovation,” Finance Minister Muhammad Aurangzeb stated, regarding Zhao’s appointment. He views this as a "landmark moment" that could pave the way for Pakistan’s emergence as a regional leader in Web3 and blockchain technologies.
Zhao’s Role and Vision
Zhao’s experience and reputation in the crypto world could provide significant advantages as he works with the Pakistani government to cultivate a competitive crypto ecosystem. The Ministry of Finance announced that Zhao will offer guidance on various aspects, including regulation, infrastructure, education, and wider adoption of digital currencies.
Zhao commented on the potential of Pakistan, stating, “Pakistan is a country of 240 million people, over 60 percent of whom are under the age of 30. The potential here is limitless.” This demographic could drive a surge in interest and participation in the crypto market if well harnessed.
Local Crypto Landscape
Prominent figures in Pakistan’s tech community express a strong belief in the prospects of the crypto market. Bilal bin Saqib, the chief adviser to Finance Minister Aurangzeb, indicated that approximately 15 to 20 million Pakistanis are currently holding cryptocurrencies. He emphasized the necessity for a legal and regulatory framework, which could attract further investments and enable the ecosystem to flourish.
With the PCC’s establishment and the appointment of key advisors, Pakistan aims to catch up with global crypto trends that have rapidly evolved. The impact of pro-crypto policies emerging from other countries, especially under the aegis of US President Donald Trump, have not gone unnoticed. Observers note that nations are re-evaluating their positions on cryptocurrencies in light of shifting global narratives.
Promises and Challenges of Regulation
Despite the optimism surrounding Zhao’s appointment and the council’s formation, skepticism remains regarding the potential impact of regulation on the local crypto market. Experts warn that introducing rigorous regulations may deter enthusiasts due to concerns over taxes and compliance with financial laws.
Ibrahim Khalil, a banking and finance professional, stated, “Pakistan needs cryptocurrency like a fish needs a bicycle.” He cautioned that the focus should be on identifying solutions that crypto technologies can provide, rather than on the industry hype. Khalil emphasized the necessity of a concrete strategy aligned with the unique needs of the Pakistani economy rather than simply conforming to global trends.
Infrastructure Challenges
Pakistan’s digital landscape presents significant barriers to widespread crypto adoption. Ranked 97th in mobile internet speed and 142nd for broadband speed globally, the infrastructure necessary for supporting cryptocurrency transactions remains underdeveloped. Furthermore, ongoing electricity shortages pose challenges, particularly for energy-intensive activities like crypto mining.
Experts note that while future regulations and innovations may help cultivate a robust crypto environment, addressing these foundational infrastructure shortcomings is equally critical. The opportunity exists for Pakistan to explore sustainable energy solutions for crypto mining, as demonstrated by advancements in the UAE.
Conclusion
As Pakistan navigates the complexities of integrating cryptocurrencies into its financial framework, the collaboration with Changpeng Zhao may serve as an influential turning point. While the path ahead is fraught with both promise and challenges, the PCC’s establishment signals a forward-looking approach that could redefine Pakistan’s place in the global crypto landscape. The effectiveness of this strategy will hinge on the country’s ability to foster innovation while implementing sensible regulatory measures that protect investors and the financial system.
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