Islamabad, Pakistan – The Pakistani government has officially launched the National Crypto Council to regulate and integrate blockchain technology and digital assets into the country’s financial system. This move follows the recent appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for digital asset management.
The Pakistan Crypto Council (PCC) is designed to regulate, promote, and incorporate blockchain and cryptocurrency innovations within Pakistan’s economic framework. A statement released by the Finance Division on Friday described the council’s formation as a crucial step in the nation’s efforts to embrace digital finance, positioning Pakistan as a key player in the expanding global adoption of blockchain technology.
Led by Finance Minister Muhammad Aurangzeb, the council’s core board includes the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Law Secretary, and the Federal IT Secretary. This diverse leadership structure aims to ensure a balanced approach to regulatory oversight, financial stability, legal frameworks, and technological advancements in the crypto sector.
According to The Express Tribune, Aurangzeb emphasized Pakistan’s ambition to be a leader in digital finance during a luncheon. “The establishment of the Pakistan Crypto Council is a step towards embracing innovation while ensuring we create a regulatory framework that protects investors and the financial system,” he stated. He also highlighted the country’s dedication to establishing a responsible and progressive crypto ecosystem, with the aim of stimulating economic growth.
Bilal bin Saqib further emphasized the importance of the council’s role, stating that its scope extends beyond regulation. The council aims to create an environment where blockchain and digital finance can thrive.
The PCC plans to prioritize the establishment of clear regulatory guidelines to facilitate cryptocurrency adoption, engagement with international crypto and blockchain organizations for best practices, and promotion of responsible innovation across the digital finance landscape.
