Pakistan eyes crypto greenlight to woo international investors

Pakistan seems to explore a legal framework for the crypto in order to potentially attract foreign investments.

Pakistan seems to explore the possibility of establishing a legal framework for the trading of cryptocurrencies, aimed at attracting international investments while potentially providing more clarity for digital asset activities in the growing growing market in the country.

In a interview With Bloomberg, Bilal Bin Saqib, chief executive officer of Pakistan Crypto Council, said that Pakistan “ends up sitting on the sidelines” and wishes to attract international investments, highlighting the “high-cost market at low cost in the country” and a “native web 2 workmanship ready to build”.

“Pakistan has finished staying on the sidelines. We want to attract international investments because Pakistan is a high cost market with 60% of the population under the age of 30. We have an indigenous web3 workforce ready to build. ”

cease

Crypto trading is already popular in Pakistan because it ranks ninth in the world in an adoption of crypto, by data From the Chainalysis blockchain analysis company, with around 15 to 20 million users, according to SAQIB. Channel data also analyzes shows This large part of the country’s volume of transactions “takes place through informal markets between peers”.

The government’s position on crypto has not been clear in recent years, but officials now seem to consider a more structured approach. Saqib has suggested that world developments, including changes in American politics, could influence Pakistan’s discussions in the sector, saying that “Trump makes crypto a national priority and that all countries, including Pakistan, will have to follow suit.”

In November 2024, the State Bank of Pakistan propose A legal framework to recognize digital assets, including cryptocurrency, such as official forms of money. The proposal also describes a penalization system for unauthorized digital currency transmitters. By integrating the management of digital currencies in the responsibilities of the SBP, the proposal would allow the bank to supervise the currency in physical and digital forms.