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The Finance Ministry of Pakistan is reportedly considering forming a National Crypto Council to explore the legalization of cryptocurrencies in the country.
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The Finance Ministry of Pakistan is considering forming a “National Crypto Council” to explore the legalization of cryptocurrencies in the country, according to a report from local publication Dawn. The change in position came after Finance Minister Muhammad Aurangzeb had a meeting on digital assets with a foreign delegation that included US President Donald Trump’s advisers.
According to the report, the crypto council will be made up of key government representatives, regulatory authorities and industry experts. It will oversee policy development, address regulatory challenges, and ensure that the country’s crypto ecosystem evolves in a sustainable and secure manner.
Pakistan has over 20 million residents involved in crypto, but they face significant challenges, including high transaction fees. Aurangzeb directed the stakeholders to create a framework that would ensure economic viability and regulatory compliance while protecting against financial crimes and illicit activities.
Pakistan’s preliminary move to legalize cryptocurrency is in line with global trends. The United States, Europe, the United Arab Emirates and other countries have taken preliminary steps over the past year to increase industry regulation, which may increase innovation while bettering consumer protection.
In years past, the Finance Ministry and State Bank of Pakistan opposed the idea of cryptocurrencies. Aisha Ghaus Pasha, a previous Pakistani Minister of State for Finance and Revenue, once said that cryptocurrencies would never be legal in the country and that the State Bank sought to ban all cryptocurrencies in January 2022.
However, Finance Minister Aurangzeb asked authorities to approach the legalization and regulation of crypto in the country with “an open mind.” In November 2024, the State Bank of Pakistan announced a package of proposals that would have paved the way for a central bank digital currency, or CBDC, and the buying, selling and trading of crypto.
Related: IMF wants Pakistan to tax crypto gains to pay for $3B bailout
According to Dawn, the foreign delegation that met with Aurangzeb included Gentry Beach Jr., a business associate of President Trump; Nikita Goldsmith, a tech entrepreneur; Alex Malkov, a consultant for blockchain firms; and Jerad Finck, CEO of Cosmic Wire. The delegation’s visit was not announced by the US Embassy.
The Trump administration has worked to change the tone surrounding crypto in the United States, overhauling the crypto arm of the US Securities and Exchange Commission, appointing David Sacks as a crypto czar and forming a committee to explore the possibility of creating a national digital asset stockpile. President Trump made several promises to the crypto community while campaigning and has even launched his own memecoin.
Magazine: Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky
This article first appeared at Cointelegraph.com News
