Pakistan Crypto Council (PCC) Holds Its Inaugural Meeting

The Pakistan Crypto Council (PCC) held its inaugural meeting today, chaired by Federal Minister for Finance, Senator Muhammad Aurangzeb.

ISLAMABAD: The Pakistan Crypto Council (PCC) held its inaugural meeting today, chaired by Federal Minister for Finance, Senator Muhammad Aurangzeb. The gathering commenced with a presentation by PCC CEO Bilal Bin Saqib, who unveiled the Council’s vision, mission, and key initiatives to propel Pakistan’s journey in the cryptocurrency domain.

Saqib’s presentation provided an insightful look at the current state of Pakistan’s crypto landscape, highlighting the challenges and barriers to the widespread adoption of digital currencies. He also touched upon the Council’s agenda in navigating this rapidly evolving sector.

One of the main proposals put forth by Saqib was to utilize Pakistan’s surplus electricity for Bitcoin mining, presenting it as an untapped opportunity for the country. This concept was discussed in detail, examining its feasibility, economic implications, and potential to transform a challenge into an asset for the nation.

Senator Aurangzeb spoke highly of the Pakistan Crypto Council’s vision and the crucial role it would play in shaping the future of digital assets in Pakistan. He viewed the council as a critical platform for collaboration, bringing together key stakeholders and regulatory bodies to create a collective strategy for a comprehensive and responsible crypto regulatory framework.

“Today marks the beginning of a new digital chapter for our economy. We are entering an era of innovation, and our goal is to build a transparent and future-ready financial ecosystem that attracts investment, creates new economic opportunities, and positions Pakistan as a leader in emerging technologies globally,” stated Senator Aurangzeb.

The Minister went on to add that while Pakistan could learn from the best practices of other nations, it is equally crucial to ensure that any business or revenue models are aligned with local realities and contribute to the broader economic agenda of the country. He emphasized the importance of building on the existing work done by various groups who have been actively involved in the crypto space, integrating their knowledge and experience into the regulatory process.

The inaugural meeting of the Pakistan Crypto Council was attended by a select group of council members, including the Governor of the State Bank of Pakistan, Chairman of the Securities and Exchange Commission of Pakistan (SECP), and Federal IT and Law Secretaries. Together, they discussed the pressing need for a well-defined regulatory framework, which would include relevant legislation, licensing regimes, and a robust framework for consumer protection.

Furthermore, the meeting participants engaged in a discussion about sequencing the rollout of crypto-related initiatives in a strategic manner, considering the feasibility of pilot programs for specific use cases, and the importance of adhering to Pakistan’s international obligations in this domain.

As the meeting concluded, there was a shared commitment among the participants to pursue a thoughtful and strategic path forward, ensuring that Pakistan can fully harness the potential of blockchain and cryptocurrencies while safeguarding its economic interests and integrating them seamlessly with the broader financial system.