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Pakistan seeks to embrace cryptocurrencies as the world pivots toward digital assets following a policy overhaul in the United States.
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Bilal Bin Saqib, the CEO of Pakistan’s Crypto Council, has proposed using the country’s runoff energy to fuel Bitcoin (BTC) mining at the Crypto Council’s inaugural meeting on March 21.
According to an article from The Nation, the council is exploring comprehensive regulatory frameworks for cryptocurrencies to attract foreign direct investment and establish Pakistan as a crypto hub.
The meeting included lawmakers, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission (SECP), and the federal information technology secretary. Senator Muhammad Aurangzeb had this to say about the meeting:
“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies.”
The Crypto Council represents a radical departure from the government of Pakistan’s previous stance on crypto. In May 2023, former minister of state for finance and revenue, Aisha Ghaus Pasha said crypto would never be legal in the country.
Pasha cited anti-money laundering restrictions under the Financial Action Task Force (FATF) as the primary motivation for the government’s anti-crypto stance.
The presence of Bitcoin miners can stabilize electrical grids. Source: Science Direct
Related: Pakistan eyes crypto legal framework to boost foreign investment
Pakistan follows the United States in embracing crypto
The government of Pakistan moved to regulate cryptocurrencies as legal tender on November 4, 2024 — the same day as the elections in the United States.
Following the re-election of Donald Trump in the US and the Jan. 20 inauguration, Trump moved quickly to establish pro-crypto policies at the federal level.
On Jan. 23, President Trump signed an executive order establishing the Working Group on Digital Assets — an executive advisory council tasked with exploring comprehensive regulatory reform on digital assets.
President Trump signs executive order establishing the President’s Working Group on Digital Assets. Source: The White House
The Jan. 23 order also prohibited the government from researching, developing, or issuing a central bank digital currency (CBDC).
President Trump also signed an executive order creating a Bitcoin strategic reserve and a separate digital asset stockpile in March 2025 that will likely include cryptocurrencies made by US-based firms.
Magazine: How crypto laws are changing across the world in 2025
This article first appeared at Cointelegraph.com News
