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Pakistan is making a major shift in its approach to cryptocurrency with the launch of the Pakistan Crypto Council (PCC). This move signals a change from its previous skepticism, where digital assets were seen as a financial risk due to their potential use in illicit activities. Now, with over 20 million active crypto users and a booming digital economy, Pakistan is embracing blockchain technology to regulate and integrate it into its financial system.
A Strategic Shift Toward Blockchain
Pakistan’s decision to create the PCC is a big change from its earlier view that crypto was a security risk. With this new council, the country now wants to be a strong player in the global digital finance space. This comes at a key moment, as more countries are realizing the benefits of blockchain technology, and even the U.S. has set up a special Bitcoin reserve.
Who’s Leading the Charge?
Finance Minister Muhammad Aurangzeb will chair the PCC, bringing together top regulatory figures, including the Governor of the State Bank of Pakistan and the Chairman of the Securities and Exchange Commission of Pakistan (SECP). This high-level leadership structure ensures that blockchain integration is approached with financial stability, security, and compliance in mind.
The development comes a week after the government appointed Bilal bin Saqib as the Chief Advisor to the Finance Minister for the PCC. As the council’s CEO, he has emphasized that the PCC will not just regulate but also support the growth of blockchain and digital finance in Pakistan.
Why is it Necessary?
The Pakistan Crypto Council (PCC) has been set up to create clear rules for using cryptocurrency in the country. Its main job is to make sure crypto adoption is safe, organized, and beneficial for the economy. To do this, the council will work with international blockchain groups, learn from their experiences, and build a strong legal system that protects users from fraud or misuse.
One of the biggest reasons Pakistan is embracing crypto is its huge remittance market. Every year, Pakistanis living abroad send home around $35 billion. Right now, sending money internationally can be slow and expensive, with banks and other services charging high fees. Crypto can change this by making transactions faster, cheaper, and more efficient, allowing families to receive more money with fewer deductions.
This move shows that Pakistan isn’t just trying to control crypto—it wants to become an important player in the global digital economy. If the PCC successfully puts its plans into action, Pakistan could see major advancements in blockchain technology, digital finance, and economic growth. The next few months will be crucial in determining how well this council can turn its vision into reality.
