Pakistan has officially launched the Pakistan Crypto Council (PCC), marking a significant step towards integrating blockchain technology and digital assets into its financial infrastructure. The initiative aims to position Pakistan as a prominent player in the global digital finance arena.
This development follows the appointment of Bilal bin Saqib as the CEO of the newly formed PCC. Saqib also holds the position of Chief Advisor to the Finance Minister on digital asset management. The PCC’s leadership will be chaired by Finance Minister Muhammad Aurangzeb.
The council’s primary goal is to establish, promote, and regulate blockchain and cryptocurrency innovation within Pakistan. The PCC intends to foster the adoption of digital currency and technological advancements through a clear regulatory framework. It will also work with international organizations to align with best industry practices.
The strategic goals of the council include promoting responsible innovation, developing a competitive digital economy, and maintaining strong partnerships with industry participants. The council plans to create policies that will facilitate crypto adoption, guided by its diverse board.
The board comprises officials from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan (SECP), and the Federal IT Secretary. The combined expertise of the board members will ensure a balanced approach to technology and regulatory practices. The council’s main priority will be to enhance transparency, provide security, and encourage growth in the digital economy.
Furthering its aims, the council seeks to develop an optimal environment that promotes digital finance and blockchain adoption. Crucially, the PCC will establish clear compliance structures and legal measures to ensure consumer protection and financial stability throughout the country. The Pakistani government is optimistic that the council will drive the nation’s digital transformation. The initiative also plans to establish partnerships with fintech startups, investors, and blockchain developers.
