Pakistan is stepping into a new era of digital innovation, with the recent establishment of the Pakistan Crypto Council (PCC) signalling a national commitment to blockchain and cryptocurrency as engines of economic transformation. With global partners, surplus energy capacity, and a booming tech-savvy youth demographic, Pakistan aims to position itself not just as a crypto participant-but as a regional leader.
Formed in early 2025 under the Ministry of Finance, the PCC includes senior officials from the State Bank of Pakistan and the Securities and Exchange Commission. The PCC’s goals are clear: develop a crypto framework aligned with FATF standards/regulations, build trust among investors, and enable blockchain-based innovation in trade, remittances, and financial inclusion.
In a landmark move, Pakistan has partnered with Malaysia to co-develop Shariah-compliant crypto frameworks. The initiative focuses on halal stablecoins, tokenized sukuks, and ethical fintech platforms-giving Pakistan a first-mover advantage in Islamic digital finance. This collaboration is not only a faith-aligned innovation but also a strategic play to attract capital from Muslim-majority nations and diaspora communities seeking ethical financial options.
Recognizing its chronic energy overcapacity, Pakistan has allocated 2,000 megawatts of surplus electricity for Bitcoin mining and AI data centres. This policy could transform dormant infrastructure into high-yield economic activity while attracting foreign tech investment and creating digital jobs. Deals such as the one with World Liberty Financial-a crypto firm backed by the Trump family-further reflect growing international confidence in Pakistan’s crypto ambition.
The Philippines’ ability to integrate crypto into daily economic use-especially for remittances and gaming-demonstrates how sectoral strategies can amplify adoption.
To ensure sustained impact, Pakistan must not rely solely on crypto-but scale its broader IT ecosystem. This can be achieved through upskilling through public-private tech education partnerships, incentivising blockchain startups and fintech entrepreneurs, expanding IT exports through blockchain-as-a-service (BaaS), and establishing crypto SEZs and digital technology parks. By simultaneously building a robust IT infrastructure, Pakistan can turn crypto enthusiasm into long-term economic leverage. To refine its strategy, Pakistan can draw valuable lessons from emerging crypto markets around the world.
Several emerging crypto markets are gaining global attention alongside Pakistan, each carving its niche based on regulatory innovation, tech infrastructure, and investor appetite. These include countries like Vietnam, Nigeria, Philippines, Turkey, and Brazil-all showcasing rapid crypto adoption driven by economic, demographic, and digital factors. Comparing these nations to Pakistan provides key insights into potential pathways for growth, policy development, and financial leverage.
Vietnam is a standout player in the Asian crypto scene. According to Chainalysis, it has consistently ranked at or near the top in global crypto adoption indexes. This surge is largely attributed to a tech-savvy youth population and strong remittance inflows. Vietnam’s government has taken a relatively open approach, allowing experimentation while working on a legal framework for digital assets. Its strengths lie in a robust developer community and an expanding blockchain startup ecosystem. For Pakistan, Vietnam serves as a model of how grassroots adoption, when supported by tech innovation, can create a thriving crypto economy even in the absence of fully developed regulation.
Nigeria, Africa’s largest economy by population, has become a crypto hotspot due to high inflation, currency instability, and limited access to traditional banking. Despite an initial ban on banks servicing crypto exchanges, Nigeria reversed course in late 2023, introducing licensing regimes and encouraging fintech-led blockchain use. Peer-to-peer (P2P) transactions make up a significant portion of its crypto activity. Nigeria’s experience offers Pakistan lessons in how crypto can serve as a hedge against economic volatility and foster financial inclusion-especially in underserved rural populations.
The Philippines has become a global pioneer in “play-to-earn” and Web3 ecosystems, largely propelled by the popularity of Axie Infinity and blockchain-based gaming. The Bangko Sentral ng Pilipinas (BSP) has adopted progressive regulations, granting licenses to crypto exchanges and even exploring a central bank digital currency (CBDC). Its remittance-heavy economy has found utility in crypto for low-cost international transfers. The Philippines’ ability to integrate crypto into daily economic use-especially for remittances and gaming-demonstrates how sectoral strategies can amplify adoption. Pakistan, with its large overseas diaspora, could emulate this remittance integration for economic benefit.
Turkey, facing severe inflation and lira devaluation, has emerged as a large-scale crypto trading nation. The Turkish government, once sceptical, is now formulating comprehensive regulations, especially after the collapse of several local exchanges in 2021. With a large urbanized population and high smartphone penetration, Turkey offers high-volume trading activity and a growing number of blockchain service providers. Its journey underscores the importance of financial literacy and investor protection in scaling a secure digital asset market-an area where Pakistan still needs to build capacity.
Brazil rounds out the list with its balanced approach to crypto regulation and adoption. The Brazilian government passed legislation in 2022 recognizing crypto as a legal payment method, while the central bank actively supports blockchain innovation. Brazil’s crypto market size exceeded $5 billion in trading volume by 2024, with increasing institutional interest. The country’s structured legal framework and financial integration offer a roadmap for how Pakistan could formalize crypto within its financial ecosystem to attract global investment. In comparison, Pakistan’s crypto evolution is still in its early institutional phase. While grassroots adoption is strong and the Pakistan Crypto Council has been launched, the country lacks the regulatory maturity and technical infrastructure seen in some of these peers. If it leverages regulation, infrastructure, and human capital wisely, Pakistan could outpace regional players like Bangladesh, Indonesia, and even Turkey in the digital finance space. By 2030, the country could join the global top 15 in crypto innovation, particularly within the Shariah-compliant fintech and blockchain services sectors.
Ultimately, if Pakistan can blend global best practices with local needs-focusing on transparency, innovation, and youth engagement-it can accelerate its rise in the worldwide crypto hierarchy. What began as grassroots crypto adoption in Pakistan is now evolving into a full-fledged national strategy. With aligned regulations, international partnerships, and a parallel focus on IT development, Pakistan stands on the threshold of a digital economic revival. The question is no longer if Pakistan will succeed in crypto-but how far it can go.
The writer is Foreign Research Associate, Centre of Excellence, China Pakistan Economic Corridor, Islamabad.