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Pakistan is planning to create a legal framework for crypto to try to lure international investors to the Central Asian country.
“Pakistan is done sitting on the sidelines; we want to have regulatory clarity; we need to have a legal framework that is pro-business,” Pakistan Crypto Council CEO Bilal Bin Saqib told Bloomberg on March 20.
“We want Pakistan as the leader in blockchain-powered finance, and we want to attract international investment,” he added. “Sixty percent of the population is under 30 [years old], we have a Web3-native workforce ready to build.”
Earlier this month, Saqib was named chief adviser to Pakistan’s finance minister for the management of cryptocurrencies.
Blockchain analytics firm Chainalysis ranked Pakistan ninth for crypto adoption last year, and Saqib claimed there were up to 20 million Pakistani crypto users.
Related: Web3 devs, gamers, investors thrive despite India’s crypto policy hurdles
He called US President Donald Trump “the biggest bullish catalyst for crypto in history.” Trump has moved to create a Bitcoin reserve and crypto stockpile using digital assets forfeited to the government.
“Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit or will be at the risk of being left behind,” Saqib said.
Saqib was appointed as CEO of the Pakistan Crypto Council on March 14 by the Finance division of the current Pakistan government. “This is just the beginning, Pakistan is open for business,“ he said at the time.
According to Saqib, developing nations such as Pakistan and Nigeria have a lot to benefit from blockchain and crypto adoption. He said:
“By leveraging blockchain for remittances and trade, both nations can reduce reliance on traditional banking, lower 5-9% fees, and create seamless cross-border payment networks. “
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