Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Friday his country wanted to be a leader in digital finance as the government officially launched the Pakistan Crypto Council to establish regulatory guidelines for crypto adoption.
The newly established council is a government-backed initiative that seeks to integrate blockchain and cryptocurrency innovations into Pakistan’s financial and economic framework. Led by key policymakers, regulatory heads and industry experts, it plans to establish a progressive digital asset ecosystem.
The government’s decision to launch the council marks a shift in Pakistan’s stance on cryptocurrencies, moving from previous resistance to a more open and regulatory-focused approach. “The world is moving rapidly toward digital finance, and Pakistan wishes to be a leader in the space,” an official statement circulated after the launch quoted the finance minister as saying.
“The establishment of the Pakistan Crypto Council is a step toward embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system,” he continued. “We are committed to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth.”
Earlier this month, the government appointed Bilal Bin Saqib as lead adviser to the finance minister to develop policy measures ahead of adopting digital currencies.
Saqib will serve as the council’s CEO, bringing his expertise in blockchain technology, investment strategy and digital innovation to spearhead the initiative.
“Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritizing security, transparency and innovation,” he said at the launch. “By bringing together key stakeholders, we aim to strike a balance between progressive policymaking and fostering an environment where entrepreneurs and businesses can confidently explore the potential of blockchain technology.”
As the council begins operations, it aims to prioritize engagement with international crypto and blockchain organizations to ensure best practices.
It will also collaborate with fintech startups, investors and blockchain developers to encourage responsible innovation and safeguard consumers through a strong legal and compliance framework.