Pakistan intends to legalize cryptocurrencies
Pakistan intends to legalize cryptocurrencies as a calculated step to increase foreign investment.
According to Bilal bin Saqib, the chief counselor to the finance minister of the Pakistan Crypto Council, the nation aims to create a regulatory framework for overseeing the activities of digital assets.
Saqib stressed in a Bloomberg interview that Pakistan is prepared to go beyond simply following international trends and hopes to develop into a desirable market with low prices and rapid growth, particularly given that 60% of its population is under 30.
He emphasised the country’s potential, pointing to its highly qualified workforce with an understanding of Web3 technology.
The finance ministry said on February 25 that it was thinking about forming a National Crypto Council to support new digital currencies.
This council will manage the creation of policies, address regulatory concerns, and guarantee the safe and law-abiding development of Pakistan’s digital asset ecosystem.
It seeks to establish uniform frameworks for global digital economic connections in cooperation with other countries.
According to Saqib, the United States has made cryptocurrency a top priority under President Donald Trump, and as interest in digital currencies grows around the world, Pakistan and other countries must do the same.