According to Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC) and advisor to the Finance Minister, Pakistan is experiencing rapid growth in the cryptocurrency space. Saqib, speaking on Geo News, emphasized the country’s significant crypto adoption, with an estimated 20 million users, placing it among the top global markets.
Saqib highlighted the PCC’s role, which includes establishing a regulatory framework, designing a licensing system, and exploring revenue models related to cryptocurrency activities. He also pointed out the potential for blockchain technology to revolutionize key sectors. He specifically mentioned the potential to transform overseas remittances, which amount to over $30 billion annually, as well as real estate and agriculture.
Addressing concerns about the misuse of digital currencies, Saqib cited global data indicating that only 0.24% of cryptocurrency transactions are linked to illicit activities. He stressed the importance of consumer protection and a secure, regulated environment to mitigate risks and promote transparency in the crypto space.
Saqib noted that while no definite timeline has been set for the legalization of crypto, his organization is drawing experience from countries that have already legalized cryptocurrencies in the aim of creating sector-specific regulations. He also highlighted the need for technological training, emphasizing the importance of empowering Pakistan’s youth in the fields of blockchain and AI to avoid lagging behind other nations like India which has a head start of five to seven years in blockchain and AI development.
