In a landmark decision, the government of Pakistan has announced the formation of the Pakistan Crypto Council (PCC) to oversee and regulate blockchain technology and digital assets within the country’s financial framework. The move, revealed in a statement by the Finance Division, marks a significant shift in the nation’s stance on digital currencies and highlights Pakistan’s growing interest in embracing the global shift toward blockchain-based finance.
Reversing the Anti-Crypto Stance
Historically, Pakistan’s government had been hesitant about the legalization of digital assets due to concerns about terror financing and financial crimes. However, the establishment of the PCC signals a strategic shift, acknowledging the potential of blockchain technology and cryptocurrencies to contribute to economic innovation and financial inclusion.
This development aligns with recent global trends, including the White House’s approval of a strategic Bitcoin reserve, signaling a broader institutional adoption of digital assets worldwide. Pakistan’s move could position it as an emerging player in the global digital economy.
Leadership and Governance of the PCC
The Pakistan Crypto Council will be chaired by Finance Minister Muhammad Aurangzeb, with a leadership board consisting of top financial and regulatory officials, including:
- Governor of the State Bank of Pakistan
- Chairman of the Securities and Exchange Commission of Pakistan (SECP)
- Federal Law Secretary
- Federal IT Secretary
Bilal bin Saqib has been appointed as Chief Advisor to the Finance Minister for the PCC and will serve as the council’s CEO. Saqib emphasized that the council’s mission extends beyond regulation, aiming to foster an environment that supports blockchain growth and digital finance innovation.
Objectives and Regulatory Framework
The PCC’s agenda includes:
- Developing clear regulatory guidelines for crypto adoption.
- Collaborating with international crypto and blockchain organizations to establish a strong regulatory framework.
- Promoting responsible innovation while ensuring consumer protection and financial security.
- Assessing the economic impact of cryptocurrencies on Pakistan’s financial sector.
With an estimated 20 million active crypto users and over $20 billion in crypto transactions, Pakistan is already a key player in the global crypto landscape. The nation’s $35 billion remittance market could also benefit significantly from increased crypto adoption, offering a faster, more efficient alternative to traditional banking channels.
The establishment of the Pakistan Crypto Council represents a historic step forward in integrating blockchain technology and digital finance into Pakistan’s economy. By embracing regulation, fostering innovation, and promoting financial security, Pakistan is positioning itself as a competitive force in the global crypto and blockchain revolution.
As the PCC moves forward with its regulatory and innovation-focused agenda, the world will be watching how Pakistan navigates the balance between crypto adoption, regulation, and economic stability.
