Pakistan is taking steps to position cryptocurrency as a key “strategic asset”

This announcement comes after Islamabad signaled its intent to formalize digital asset regulations in the near future.

Pakistan is placing cryptocurrency as a key “strategic asset” in its bid to revolutionize the digital financial landscape, according to an adviser to the country's finance minister.

This announcement comes after Islamabad signaled its intent to formalize digital asset regulations in the near future.

Plans to establish a national crypto council that would coordinate the creation of a safe investment ecosystem for digital assets were unveiled last month by Pakistan’s finance division.

This move aims to further support the growing crypto adoption, with Pakistan already ranking among the top 10 nations globally for crypto usage.

In a significant development, Bilal bin Saqib, a Forbes-recognized entrepreneur and Web3 investor, has been appointed as the chief adviser to the finance minister for the newly-formed Pakistan Crypto Council.

Highlighting the country's strong position in the global crypto market, Saqib stated on the social media platform X, "Moving forward, it will be our priority to recognize crypto as a strategic asset, develop comprehensive and forward-thinking regulatory frameworks, and ensure compliance to position Pakistan as a leader in the digital financial revolution."

This announcement follows years of regulatory uncertainty in Pakistan. The country’s central bank had previously declared virtual currencies, including Bitcoin, Litecoin, Pakcoin, OneCoin, and others, as illegal, banning their sale, purchase, and exchange.

Despite this ruling, over 20 million Pakistanis are actively using digital assets but face difficulties such as high transaction fees, the finance division noted.

Recognizing the growing global trend towards digital assets, Saqib pointed out the United States' recent move to establish a Bitcoin Strategic Reserve, which he described as a major turning point for the global economy.

This step not only legitimizes crypto as a store of value but also accelerates institutional adoption, signaling a shift from traditional assets like gold and oil, he added.