Pakistan to set up council to develop cryptocurrencies
Date: 2025-03-17 Author: Gabriel Deangelo Categories: IN WORLD
Pakistan Finance Minister Muhammad Aurangzeb has been appointed as the head of the newly created state council on cryptocurrencies, while his adviser Bilan bin Saqib has been appointed as the executive director. The organization includes representatives of the Securities and Exchange Commission (SECP), as well as officials responsible for legal regulation and digital technologies.
The council will be tasked with developing legislative initiatives aimed at regulating the cryptocurrency market. It will also study and adapt successful international practices to stimulate the development of the national blockchain industry.
Bilan bin Saqib noted that the authorities are striving to increase the country's competitiveness in the global digital economy, as well as to create favorable conditions for investors working in the cryptocurrency sector.
Last fall, the Ministry of Finance proposed amendments to the legislation providing for the recognition of cryptocurrencies as legal tender. These initiatives are currently under consideration by parliament.
According to a report by Chainalysis, seven of the top 20 countries with the highest cryptocurrency adoption rates between July 2023 and June 2024 are in the Central and South Asia and Oceania region. In addition to India and Indonesia, Pakistan, Thailand, and Cambodia have made significant progress in developing digital assets.
