Pakistan Launches Cryptocurrency Council (PCC) to Regulate Blockchain and Digital Assets

The Pakistani government has set up the Pakistan Cryptocurrency Council (PCC). This will oversee blockchain technology and digital assets in the country's financial sector.

The Pakistani government has formed the Pakistan Cryptocurrency Council (PCC) to oversee blockchain technology and digital assets in the country’s financial sector, according to a report by BENzinga. The initiative to establish the council began on February 25, following a meeting between the finance ministry and a foreign delegation.

According to DAWN, the chairman of the council will be Finance Minister Muhammad Aurangzeb. The council’s board will include the governor of State Bank of Pakistan, the chairman of Securities and Exchange Commission (SECP), and the secretaries of Federal law and IT.

The creation of the council follows an earlier report by CCIV that stated the nation of Pakistan ranks among the leading countries demonstrating interest in cryptocurrency adoption. The user base of crypto activities in this country exceeds 20 million individuals. The trading volume for cryptocurrency within this market has reached more than $20 billion.

After the meeting with the foreign delegation, the authorities expressed their desire to integrate digital currencies into the financial sector. The aim is to remain competitive in worldwide trends and create an environment that fosters innovation.

The council will be tasked with multiple functions, including forming crypto-related policies, promoting innovation in the blockchain and digital asset space, and ensuring the safety and security of cryptographic procedures. According to the Finance Division, the council will equip Pakistan with the capability to remain competitive in digital finance markets.

The leadership team behind the council will possess significant strength in terms of leadership. Aurangzeb serves as the finance minister to lead the council as chairman, while Saqib acts as its chief executive officer. The board consists of the governor representing State Bank of Pakistan alongside the Securities and Exchange Commission (SECP) chairman and the secretaries from both Federal law and IT branches. The combination of financial regulations, legal policies and technology development will receive guidance from this leadership to support Pakistan’s crypto industry.

At the launch, Finance Minister Aurangzeb remarked on how quickly the world is moving toward digital finance, and how Pakistan aspires to be a leading force in this development. The council, he explained, is crucial for developing regulations that protect both investors and the financial system.

In his own words to the audience, PCC CEO Saqib added that the council’s objectives go beyond merely issuing regulations. He explained how blockchain and digital finance require an environment that promotes their sustainable development.

“The emphasis will be on security, transparency, and innovation as Pakistan integrates into the global digital economy,” Saqib said.