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Pakistan unveils plans to legalise bitcoin and crypto and implement a regulatory framework to attract foreign investment and boost adoption.
Bilal Bin Saqib, CEO of the Pakistan Crypto Council, told Bloomberg on Thursday that Pakistan has unveiled plans to legalise bitcoin and crypto and implement a regulatory framework to attract foreign investment and boost adoption.
The government aims to devise clear regulations and align with international best practices. Pakistan’s Finance Minister formed the PCC last week to steer the country’s crypto strategy.
“Pakistan is done sitting on the sidelines” regarding bitcoin and crypto, Saqib told Bloomberg. “We want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30.”
“Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit,” he said.
This move comes amid a global shift in attitudes towards bitcoin and crypto after the United States pushed for greater mainstream acceptance. The new stance is a stark change for Pakistan, which had previously banned crypto. By embracing bitcoin and crypto early, Pakistan is looking to position itself as a regional leader and attract investors.
Pakistan’s central bank had expressed concerns earlier. However, the government now seeks to mitigate risks through prudent legislation. Clear rules could boost innovation and prevent potential abuse of decentralised networks.
