Outside Source
Pakistan appears to be exploring a legal framework for crypto to potentially attract foreign investment.
Pakistan seems to be exploring the possibility of establishing a legal framework for cryptocurrency trading, aiming to attract international investment while potentially providing more clarity for digital asset activities in the country’s growing crypto market.
In an interview with Bloomberg, Bilal bin Saqib, chief executive officer at Pakistan Crypto Council, said that Pakistan is “done sitting on the sidelines” and wants to attract international investment, highlighting the country’s “low-cost high-growth market” and a “web3 native workforce ready to build.”
“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.”
Bilal bin Saqib
Crypto trading is already popular in Pakistan as it ranks ninth globally in crypto adoption, per data from blockchain analytics firm Chainalysis, with an estimated 15 million to 20 million users, according to Saqib. Data from Chainalysis also shows that much of the country’s transaction volume “takes place through informal peer-to-peer markets.”
The government’s stance on crypto has been unclear in recent years, but officials now seem to be considering a more structured approach. Saqib suggested that global developments, including shifts in U.S. policy, could be influencing Pakistan’s discussions on the sector, saying that “Trump is making crypto a national priority and every country including Pakistan will have to follow suit.”
In November 2024, the State Bank of Pakistan proposed a legal framework to recognize digital assets, including cryptocurrency, as official forms of currency. The proposal also outlines a system for penalizing unauthorized digital currency issuers. By integrating digital currency management into the SBP’s responsibilities, the proposal would enable the bank to oversee currency in both physical and digital forms.
This article first appeared at crypto.news
