Pakistan is set to legalize cryptocurrency in a bid to lure international investment, Bloomberg reported on Thursday, quoting Bilal Bin Saqib, the chief adviser to the finance minister of the Pakistan Crypto Council.
Bilal Saqib, while talking to Bloomberg, said that Pakistan is committed to establishing a “clear regulatory framework” for digital assets to strengthen the local ecosystem.
“Pakistan is no longer content with remaining on the sidelines,” he said, emphasizing the country’s ambition to attract global investment. He highlighted Pakistan’s advantages as a “low-cost, high-growth market” with 60% of its population under the age of 30.
“We have a Web3-native workforce ready to build,” he added.
On February 25, the Ministry of Finance announced plans to explore the creation of a National Crypto Council to align with global trends in digital currencies. Saqib was appointed as the chief adviser to the finance minister for the initiative.
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The council’s primary objectives include shaping policy, addressing regulatory challenges, and ensuring the secure and sustainable development of Pakistan’s digital asset landscape. It will also collaborate with international partners to establish standardized frameworks for global digital economic cooperation.
