Can Binance Founder Changpeng Zhao Propel Pakistan into the Crypto Sphere?
Islamabad, Pakistan – In a significant move seen as a potential game changer for the nation, Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, has been appointed as a strategic adviser to Pakistan’s newly established Pakistan Crypto Council (PCC). This appointment is hailed by the Pakistani government as a step towards embracing digital finance and blockchain technology as it seeks to position itself as a key player in the evolving global cryptocurrency landscape.
A Shift in Policy Towards Cryptocurrencies
Pakistan has long been cautious regarding cryptocurrencies, with the central bank previously banning financial institutions from processing crypto transactions back in 2018. However, recent developments indicate a substantial shift. The launch of the PCC in March 2025 aims to foster growth in the digital finance sector while ensuring investor protection and a regulatory framework. Khan’s involvement sends a message that Pakistan is ready to innovate, as highlighted by Finance Minister Muhammad Aurangzeb: "We are sending a clear message to the world: Pakistan is open for innovation."
Zhao’s Role and Vision
With his considerable expertise and prominence within the crypto community, Zhao’s advisory role is expected to guide Pakistan in creating a competitive ecosystem for cryptocurrencies. He is anticipated to advise on regulation, infrastructure, education, and overall adoption of digital assets. Zhao expressed his enthusiasm for the opportunity, pointing out the country’s youthful demographic—over 60 percent of Pakistan’s 240 million people are under the age of 30—indicating vast potential for growth in this sector.
"What we are doing here is setting a foundation that could allow Pakistan to emerge as a regional powerhouse for Web3 and digital finance," Aurangzeb said in a press conference following Zhao’s announcement.
Growing Interest in Cryptocurrency
Recent estimates indicate that around 15 to 20 million Pakistanis are currently engaging with cryptocurrencies, with billions of dollars in transactions occurring without a formal regulatory framework. Bilal bin Saqib, named chief adviser to the finance minister, emphasized the urgency of developing clear regulations to bring the industry into the mainstream. "We want to make this legal," Saqib stated, indicating a desire to harness the potential of cryptocurrency investments within Pakistan.
The Global Context and Future Comparisons
The move comes in a global context where digital currencies are increasingly being integrated into national economies. Observers have noted the impact of U.S. policy under President Donald Trump, who has transitioned from skepticism to advocacy for cryptocurrencies. His policies have influenced the global market, leading many nations, including Pakistan, to reassess their own stances on the technology.
Skepticism and Concerns
Despite the optimism, there are concerns regarding how effectively Pakistan can integrate and regulate cryptocurrencies. Some experts argue that the focus should be on defining the specific problems cryptocurrencies can solve for a country like Pakistan. Ibrahim Khalil, a banking and finance professional, expressed doubt over the utility of cryptocurrencies, suggesting that without compelling success stories beyond Bitcoin, the nation may be overly eager to dive into a space still fraught with uncertainty.
Potential challenges persist, including a lack of robust digital infrastructure, with Pakistan ranking poorly on global scales for internet and broadband speeds. Electricity shortages and high energy costs further complicate the landscape for cryptocurrency mining and usage.
Conclusion
While Pakistan aims for a significant leap into the world of cryptocurrencies with high-profile partnerships and proactive regulatory frameworks, the road ahead will demand careful navigation of the complex challenges posed by technology, infrastructure, and market dynamics. As the nation recalibrates its approach to digital finance, only time will tell if this new direction will establish Pakistan as a formidable hub for crypto innovation or if it will struggle under the weight of its inherent challenges.
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