Pakistan is taking significant steps to position cryptocurrency as a “strategic asset,” signaling a major shift in the country’s approach to digital finance. This initiative aligns with Islamabad’s broader efforts to regulate digital assets and foster a secure investment environment.
The country’s finance division recently announced plans to establish a national crypto council aimed at formalizing regulations and ensuring compliance. With Pakistan already ranking among the top 10 nations globally for cryptocurrency adoption, the move is expected to further support the rapid expansion of the sector.
In a notable development, Bilal bin Saqib, a Forbes-recognized entrepreneur and Web3 investor, has been appointed chief adviser to the finance minister for the newly established Pakistan Crypto Council. His appointment marks a crucial step in shaping Pakistan’s evolving digital asset landscape.
On social media platform X, Saqib emphasized the country’s potential in the global cryptocurrency market, stating, “Our priority moving forward is to recognize cryptocurrency as a strategic asset, develop a comprehensive regulatory framework, and ensure compliance, all while positioning Pakistan as a leader in the digital financial revolution.”
This development reflects a stark departure from Pakistan’s previous regulatory stance. The country’s central bank had previously deemed virtual currencies such as Bitcoin, Litecoin, Pakcoin, and Onecoin illegal, banning their trade and exchange. Despite these restrictions, an estimated 20 million Pakistanis continue to engage in digital asset transactions, often facing high transaction fees and legal uncertainty.
Saqib also highlighted global trends favoring digital assets, pointing to the U.S. government’s recent establishment of a Bitcoin Strategic Reserve. He described this move as a game-changer for the global economy, reinforcing cryptocurrency’s legitimacy as a store of value while accelerating its institutional adoption. He noted that this shift suggests a move away from traditional assets like gold and oil, solidifying crypto’s role in the future financial system.
Pakistan’s decision to integrate cryptocurrency into its financial framework signals a broader commitment to digital transformation. By implementing a structured regulatory environment, the government aims to harness the potential of digital assets while ensuring investor protection and financial stability.
