The President of the Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), Muhammad Saleem Memon, has commended the government’s initiatives to promote cryptocurrency and blockchain technology, describing them as a potentially transformative step for Pakistan’s economy.
Memon highlighted the significance of appointing Bilal Bin Saqib as the Chief Advisor to the Finance Minister for the Pakistan Crypto Council, calling it a reflection of the government’s commitment to fostering a digital economy. He stressed that integrating modern financial technologies into the national economic framework is imperative for progress, as these advancements could redefine Pakistan’s business landscape in the years ahead.
“Cryptocurrency and blockchain technology are gaining global acceptance,” Memon stated. “Countries like the United States, various European nations, the United Arab Emirates, Japan, and Singapore have already embraced cryptocurrency regulation and are benefiting from its implementation.”
He cited the UAE as a prime example, where dedicated zones have been established for cryptocurrency enterprises. Companies within these zones are leveraging blockchain-based systems to enhance transparency and efficiency in business operations. Similarly, Singapore has incorporated cryptocurrency into its legal framework, linking the business sector with digital financial tools, thereby significantly boosting its economy.
Memon pointed to the United States, where major corporations such as Tesla and PayPal have integrated cryptocurrency into their transactions. He also referenced El Salvador, which became the first nation to grant Bitcoin legal status, resulting in notable economic improvements.
To ensure that Pakistan remains competitive in the global digital economy, Memon urged the government to introduce a clear regulatory framework for cryptocurrency. He emphasized the need for collaboration between the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan (SECP) to establish a secure and legally recognized cryptocurrency model.
“A well-regulated framework will provide security to investors and businesses, encouraging wider adoption,” he stated. “By working alongside digital finance and blockchain experts, the government can create an environment conducive to innovation and investment.”
Memon also stressed the importance of public education on cryptocurrency, advocating for awareness campaigns to inform businesses and individuals about its safe use and associated risks. He concluded by asserting that if the government strategically legalizes and safeguards cryptocurrency, it could not only stabilize the national economy but also unlock new investment opportunities for the country.
