With over 20 million active users in Pakistan, the country is considering to establish a “National Crypto Council” to facilitate safe investments in digital assets.
Finance Minister Muhammad Aurangzeb chaired a high-level meeting on Tuesday to discuss the global evolution of cryptocurrency and its implications for the nation’s economy. Aurangzeb instructed stakeholders to develop a comprehensive framework for a digital asset ecosystem that prioritizes security, transparency, regulatory compliance, and economic viability.
The Finance Division released a statement indicating that the government is contemplating the creation of a National Crypto Council. This council would act as an advisory body comprised of key government representatives, regulatory authorities, and industry experts. Its role would be to oversee policy development, address regulatory challenges, and ensure the secure, compliant, and sustainable growth of Pakistan’s digital asset ecosystem.
Moreover, the council would collaborate with friendly countries to establish standardized frameworks for international digital economic engagement.
Despite the potential benefits, the digital asset market in Pakistan faces significant challenges, including high transaction fees, according to the Finance Division.
It should be noted that Pakistan’s central bank has declared several virtual currencies, such as Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, and Pay Diamond, illegal, prohibiting their sale, purchase, and exchange in trading.
