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Pakistan is taking a significant step toward legalizing cryptocurrency trading as part of its strategy to attract international investors. The country is working on a regulatory framework that aims to bring clarity to crypto-related activities. Bilal bin Saqib, CEO of the Pakistan Crypto Council, recently confirmed this development, highlighting Pakistan’s vision for integrating digital assets into its financial system.
Pakistan’s Growing Interest in Crypto
While some countries are already incorporating cryptocurrencies into their financial reserves, others are still exploring their potential. Pakistan’s decision to embrace crypto signals a shift in perception, moving away from past concerns that associated digital assets with illicit activities.
Bilal bin Saqib emphasized Pakistan’s readiness to enter the crypto space, stating: “Pakistan is done sitting on the sidelines. 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.”
With a rapidly expanding digital economy and a tech-savvy young population, Pakistan is positioning itself as a competitive player in the global crypto market.
A Large and Active Crypto User Base
Pakistan is among the most populous countries in the world, with projections estimating a population of 511 million by 2100, making it the third-largest globally. The crypto sector has already gained traction in the country, with approximately 15 to 20 million active users, as per Saqib’s estimates. This widespread adoption reflects the increasing demand for digital assets among Pakistani investors and businesses.
Following the U.S. and Global Trends
The shift toward cryptocurrency regulation in Pakistan aligns with global trends, particularly in the United States. Former U.S. President Donald Trump’s proposal for a Crypto Strategic Reserve has set a precedent that many nations are likely to follow.
Saqib echoed this sentiment, stating: “Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit.”
As governments worldwide explore the potential of blockchain technology and digital assets, Pakistan is preparing to ensure its financial system remains competitive in this evolving landscape.
Government Support and Future Plans
Bilal bin Saqib’s appointment as the finance minister’s chief advisor for digital asset management marks a crucial step toward crypto regulation in Pakistan. His role involves:
- Advising the government on digital asset policies and regulations
- Exploring artificial intelligence to enhance decision-making and efficiency in public sector operations
- Driving innovation in financial technology and Web3 adoption
Conclusion
Pakistan’s move toward cryptocurrency legalization is a bold step that could unlock new economic opportunities. With a young, tech-savvy population and an increasing number of crypto users, the country is well-positioned to benefit from this shift. As global trends continue to evolve, Pakistan’s proactive approach may help it attract investment and establish itself as a key player in the blockchain space.
Stay tuned to Coinwookies for more updates on blockchain and cryptocurrency developments!
This article reflects the opinions of the publisher based on available information at the time of writing. It is not intended to provide financial advice, and it does not necessarily represent the views of the news site or its affiliates. Readers are encouraged to conduct further research or consult with a financial advisor before making any investment decisions.
