- Pakistan aims to become a cryptocurrency leader in South Asia.
- Efforts are spearheaded by CEO Bilal bin Saqib to develop a regulatory framework.
- The country seeks to attract international investment by positioning itself as a low-cost, high-growth market.
Pakistan is setting its sights on becoming a cryptocurrency leader in South Asia, with CEO Bilal bin Saqib spearheading efforts to develop a regulatory framework, according to Bloomberg’s interview on March 20. This initiative could position Pakistan as a major player in the digital asset market.
Cryptocurrency adoption ranks high in Pakistan, indicating significant potential growth. Efforts to establish clear regulations aim to attract international investment and solidify Pakistan’s place in the blockchain economy.
Bilal bin Saqib Leads Pakistan’s Crypto Regulatory Push
Bilal bin Saqib, CEO of the Pakistan Crypto Council, is leading the push for a regulatory framework to manage digital asset activities. The decision is backed by key governmental figures including the Finance Minister and representatives from the State Bank and SECP.
The initiative seeks to attract international investment by exploiting Pakistan’s low-cost, high-growth market. With a young population primed for Web3 development, it positions itself as a competitive force against established hubs like Dubai, Singapore, and Hong Kong.
Market reaction has been strong, noted Saqib, emphasizing that “Pakistan is no longer standing idly by.” His appointment as chief advisor highlights this shift. Surveys estimate 15-20 million local users, reflecting a robust demand for digital assets in the country.
Pakistan’s Crypto Adoption on the Rise
“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, CEO of Pakistan Crypto Council
Did you know?
Pakistan’s stance on cryptocurrency has evolved significantly, shifting from opposition to exploring its potential as a key economic driver.
Pakistan’s move comes after previous governmental resistance to cryptocurrencies, a change driven by the need to keep up with global trends. Chainalysis data places the nation ninth globally for adoption, showcasing significant untapped market potential.
Experts note the possible increase in foreign investment due to these regulatory changes. Saqib emphasized the need to align with global priorities, remarking, “Every country, including Pakistan, will have to follow suit or risk being left behind.” This emphasizes the importance of collaborating with international organizations to set best practices in motion.
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