- Pakistan plans to legalize crypto to boost foreign investment and expand its digital economy.
- The CEO of the Pakistan Crypto Council stated that the country has 20M crypto users.
- Crypto trading has become common in Pakistan despite warnings from the government.
Pakistan has proposed to legalize cryptocurrency in a bid to boost global investment and strengthen its economy. The country is working on a clear set of rules to regulate digital assets, aiming to create a stronger local crypto ecosystem.
In an interview, Bilal bin Saqib, the CEO of the Pakistan Crypto Council, stated that Pakistan wants to move beyond warnings from the central bank and embrace crypto activity. The country already ranks ninth worldwide for crypto adoption, according to Chainalysis.
Saqib explained that Pakistan has around 15 million to 20 million crypto users and emphasized that the country is ready to leave the sidelines and take action. Notably, the population in Pakistan consists of a majority of young members, with 60% of them being under 30 years old.
Saqib pointed out that Pakistan sees crypto as a way to attract international investors to its growing digital economy and many local developers already work in Web3 and blockchain industries. He further believed that Pakistan’s workforce is prepared to build on these technologies.
Earlier this month, Pakistan appointed Saqib as the chief advisor to the finance minister for digital asset management. In this role, Saqib will also explore ways to use artificial intelligence to improve government operations. He will help the government find ways to boost efficiency and drive innovation using digital technologies. The new regulatory framework for crypto is part of a broader strategy to modernize Pakistan’s financial system.
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Several countries in Asia are adopting more open policies toward digital assets. Pakistan joins these efforts, partly influenced by developments in the United States. Saqib mentioned that President Donald Trump’s pro-crypto stance is shaping global trends. Trump has promised to make the U.S. the leading hub for crypto innovation. Saqib believes that other nations, including Pakistan, will need to adjust their policies to remain competitive.
Crypto trading is already common in Pakistan despite several government warnings. However, the lack of regulations has limited foreign investment and slowed industry growth. The planned legalization of crypto aims to remove these barriers and Pakistan hopes this move will position it as a key player in the global digital asset market.
Officials will likely release more details about the proposed legal framework in the coming months. Notably, this move of Pakistan could attract international attention and investment to its digital economy.
