Pakistan Unveils Plans to Legalize Bitcoin and Crypto

Bilal Bin Saqib, CEO of the Pakistan Crypto Council, told Bloomberg on Thursday that Pakistan has unveiled plans to legalize bitcoin and crypto and implement a regulatory framework

Pakistan is planning to legalise bitcoin and crypto and introduce a regulatory framework to attract foreign investment and boost adoption, Bilal Bin Saqib, CEO of the Pakistan Crypto Council, told Bloomberg on Thursday.

The government aims to devise clear regulations and align with international best practices.

Pakistan’s Finance Minister formed the PCC last week to steer the country’s crypto strategy.

“Pakistan is done sitting on the sidelines” regarding bitcoin and crypto, Saqib told Bloomberg. “We want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30.”

“We have a web3 native workforce ready to build the future of finance and we have the government’s full support to create a best-in-class regulatory framework. We are going to be the leaders in this domain.”

The new stance is a stark change for Pakistan, which had previously banned crypto.

However, the country is now looking to join the growing number of nations integrating bitcoin and crypto.

This move comes amid a global shift in attitudes towards bitcoin and crypto after the United States pushed for greater mainstream acceptance.

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After the U.S. unveiled its stance earlier this year, several countries, including Vietnam and South Korea, are reassessing their bitcoin and crypto regulations.

Earlier this year, Pakistan’s central bank expressed concerns about the risks of bitcoin and crypto, especially related to scams and money laundering activities.

But as the government prioritises foreign investment and economic growth, it is likely seeking to mitigate these risks through prudent legislation and supervision.

Clearly defined rules could foster responsible innovation in the crypto sector and maximise the benefits of decentralised networks while preventing potential abuse.