In a bold move to join the global cryptocurrency landscape, Pakistan is set to create a legal framework aimed at attracting international investors. Bilal Bin Saqib, the CEO of the Pakistan Crypto Council, emphasized the nation’s goal to become a leader in blockchain finance during a recent announcement made to Bloomberg on March 20.
“Pakistan is done sitting on the sidelines; we want to have regulatory clarity; we need to have a legal framework that is pro-business,” Saqib stated. With over 60% of the population under the age of 30, he highlighted the potential of a Web3-native workforce ready to innovate and build in the crypto space.
Earlier this month, Saqib was appointed as the chief adviser to Pakistan’s finance minister for managing cryptocurrencies, a pivotal role as the country looks to foster a beneficial environment for digital assets. Pakistan has already ranked ninth globally for crypto adoption last year, with estimates suggesting that there are up to 20 million crypto users in the country.
Why Blockchain Matters: According to Saqib, developing nations can significantly benefit from adopting blockchain technology, especially for remittances and trade. By reducing reliance on traditional banking systems, countries like Pakistan and Nigeria can cut down on excessive transaction fees ranging from 5-9% while establishing seamless cross-border payment networks.
Saqib’s enthusiasm is buoyed by international developments, particularly U.S. policies under former President Donald Trump, whom he referred to as “the biggest bullish catalyst for crypto in history.” Trump’s initiatives to build crypto reserves may pressure other nations to strengthen their stance on cryptocurrency or risk being left behind.
“This is just the beginning, Pakistan is open for business,” Saqib declared. His appointment on March 14 signals a strategic pivot for the Pakistani government toward crypto-regulatory frameworks that can facilitate growth and investment.
As countries worldwide adjust their regulations to embrace blockchain technology, Pakistan’s forward-thinking approach places it in a competitive position in the evolving landscape of digital finance. With leadership focused on innovation, the country is prepared to seize the opportunities that cryptocurrencies hold.
