The Pakistan Crypto Council (PCC): A Game-Changer in the Global Crypto Landscape
The government of Pakistan has taken a bold step towards embracing blockchain technology and digital assets by establishing the Pakistan Crypto Council (PCC). This initiative, announced by the Finance Division, aims to regulate, foster, and incorporate crypto innovations into Pakistan’s economic framework.
This move represents a significant shift from Pakistan’s previous stance on digital assets, which were deemed illegal due to concerns about terror financing. With the establishment of the PCC, Pakistan is now positioning itself as a key player in the global shift towards blockchain technology and digital finance, especially as the White House recently approved the creation of a strategic Bitcoin reserve.
The PCC will be led by Bilal bin Saqib, who has been appointed as the Chief Advisor to the Finance Minister for the council. This appointment is seen as a crucial step in Pakistan’s commitment to embracing the transformative potential of digital currencies and ensuring financial security.
Under the leadership of Finance Minister Muhammad Aurangzeb, the council will consist of high-ranking officials from key financial and regulatory bodies, including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Law and IT Secretaries. This diverse board will focus on regulatory oversight, financial stability, and technological advancement.
As the CEO of the PCC, Bilal bin Saqib has emphasized the council’s mission to create an environment that fosters the growth of blockchain and digital finance in Pakistan, positioning the country as a competitive player in the global digital economy.
The PCC has outlined an ambitious agenda, which includes developing clear regulatory guidelines for crypto adoption, collaborating with international crypto and blockchain organizations, and promoting responsible innovation. The council will also prioritize consumer protection and financial security through a robust legal and compliance framework.
Pakistan has emerged as one of the top countries for crypto adoption, with an estimated 20 million active crypto users and over $20 billion in crypto transactions. The country’s significant remittance market, valued at $35 billion annually, is also expected to benefit from increased crypto adoption.
With the establishment of the Pakistan Crypto Council, Pakistan is poised to become a major player in the global crypto landscape, embracing blockchain technology and digital assets to drive economic growth and financial innovation.