Pakistan Aims for Leadership in Blockchain Finance Through Crypto Regulation
Efforts to Attract International Investment Amid Growing Local Adoption
Pakistan is taking bold steps to establish a clear legal framework for cryptocurrency, positioning itself as a leader in blockchain finance and aiming to attract international investment. Bilal Bin Saqib, the newly appointed CEO of the Pakistan Crypto Council, unveiled these ambitions in a recent interview with Bloomberg on March 20, stating, “Pakistan is done sitting on the sidelines; we want to have regulatory clarity; we need to have a legal framework that is pro-business.”
Commitment to Blockchain Innovation
Saqib emphasized the potential for Pakistan to lead in blockchain-powered finance, noting that approximately 60% of the country’s population is under the age of 30. He described this demographic as a “Web3-native workforce ready to build,” underlining the nation’s readiness to embrace technological advancements in the finance sector.
Earlier this month, Saqib was appointed as chief adviser to Pakistan’s finance minister, focusing on the management of cryptocurrencies. This role positions him as a key player in shaping the future of digital finance in Pakistan, particularly as the global economy continues to evolve.
Growing Crypto Adoption in Pakistan
Citing data from blockchain analytics firm Chainalysis, Saqib noted that Pakistan ranked ninth globally for crypto adoption last year, with an estimated 20 million crypto users within the country. This significant user base illustrates a growing interest and engagement with cryptocurrency, highlighting the need for a supportive regulatory environment.
The Influence of Global Developments
In the context of global cryptocurrency trends, Saqib referred to former U.S. President Donald Trump as “the biggest bullish catalyst for crypto in history,” noting initiatives such as the creation of a Bitcoin reserve and stockpile using digital assets forfeited to the government. “Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit or risk being left behind,” he asserted.
This perspective reflects a broader recognition of the importance of cryptocurrency at the national and international levels, as nations around the world seek to integrate digital currencies into their financial systems.
Benefits for Developing Nations
Saqib highlighted the potential advantages that developing countries like Pakistan and Nigeria could realize through blockchain and cryptocurrency adoption. He explained that “by leveraging blockchain for remittances and trade, both nations can reduce reliance on traditional banking, lower 5-9% fees, and create seamless cross-border payment networks.” Such innovations could vastly improve the financial landscape and economic resilience of these nations.
Conclusion
As Pakistan embarks on this journey to regulate cryptocurrency, it signals a commitment to becoming a significant player in the blockchain finance arena. With a youthful and tech-savvy population ready to embrace new technologies, the nation aims to harness the power of cryptocurrency to enhance its financial infrastructure and attract global investment. Saqib’s leadership at the Pakistan Crypto Council may well be a pivotal factor in determining the future trajectory of cryptocurrency in the country.
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