Pakistan Explores Crypto’s Potential, Says Council Chief
A representation of virtual currency Bitcoin. — Reuters
Pakistan is actively exploring the expansive possibilities of blockchain technology and cryptocurrency across multiple sectors, according to Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC) and a chief advisor to the finance minister. Speaking on Geo News, Saqib discussed the current landscape and the country’s growing interest in digital assets.
The government-established Council is tasked with developing a comprehensive regulatory framework for cryptocurrency and blockchain activities. The council will be responsible for setting up a licensing system and exploring revenue generation from crypto-related operations.
Saqib stated that Pakistan is currently among the leading nations globally in the adoption of cryptocurrency, with an estimated 20 million users. He emphasized blockchain’s potential to significantly improve key sectors, singling out overseas remittances, which amount to over $30 billion annually, as well as real estate and agriculture. He added that the Council’s primary focus will be on consumer protection through effective oversight. A secure and regulated environment, he explained, would contribute to mitigating the risk of financial losses and enhance transparency within the crypto space.
Addressing concerns about the potential misuse of digital currencies, Saqib referenced global data indicating that a mere 0.24% of cryptocurrency transactions are associated with illicit activities. He stressed that the technology itself should not be equated with the actions of those who exploit it.
While Saqib did not provide a specific timeline for the legalization of crypto in Pakistan, he assured that efforts are underway to develop a complete regulatory framework. The Council is analyzing the regulatory frameworks of countries that have already legalized crypto, with the goal of creating Pakistan-specific regulations.
Emphasizing the importance of technological upskilling, Saqib described Pakistan’s youth as its most valuable asset. He cautioned that Pakistan risks falling behind in emerging technologies like blockchain and AI, noting that India has launched its national blockchain paper and AI programs years earlier, putting it 5-7 years ahead of Pakistan in these areas.
Saqib also highlighted Pakistan’s status as a leading freelancing market, but pointed out that suboptimal policy implementation has hindered the youth’s ability to maintain competitiveness in the global tech sector.
