The Pakistan government has established the Pakistan Crypto Council (PCC) to supervise the integration and use of blockchain technology and digital assets in the financial landscape of the nation. The initiative, announced in a statement by the Financial Division, wants to regulate, promote and include crypto innovations in the economic framework of Pakistan.
The initiative marks an exchange of the earlier position of the country in relation to digital assets, which stated that they could not be legalized because of their use in terror finance. Pakistan positions the establishment of the PCC as a potential important player in the global shift to blockchain technology and digital financing at a time when the White House has given green light to a strategic bitcoin reserve.
The formation of the PCC follows the appointment of Bilal Bin Saqib as the chief advisor of the Minister of Finance of the Council. The appointment “marks an important step forward in the dedication of Pakistan to embrace the transforming potential of digital currencies, to guarantee financial security, to limit risks and effectively assess the impact of cryptocurrencies on Pakistan’s economy,” said a financial division’s spokesman.
Finance Minister Muhammad Aurangzeb is chairman of the council and leads a diverse administration with high -ranking officials of important financial and regulatory authorities. This leadership structure, consisting of the Governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan (SECP), and the federal legislation and IT secretaries, is designed to guarantee an extensive approach to legal supervision, financial stability and technological progress.
Bilal Bin Saqib appointed CEO of the Council, emphasized that the PCC mission extends beyond the regulations, and emphasizes the aim of the Council to create an environment that is conducive to the growth of blockchain and digital finances and a competitive player in the worldwide digital economy.
The agenda of the PCC includes the development of clear legal guidelines for the acceptance of crypto, collaborating with international crypto and blockchain organizations and promoting responsible innovation. The Council will also focus on consumer protection and financial security through a robust legal and compliance framework.
Pakistan is currently one of the top countries for the acceptance of crypto, with an estimated 20 million active crypto users and more than $ 20 billion in crypto transactions. The considerable crossing market of the country, appreciated annually at $ 35 billion, also benefits from increased crypto acceptance.
