ISLAMABAD: The federal government has shaped a physique to regulate cryptocurrency and blockchain expertise and combine digital property into the monetary system.
In a press release on Friday, the Ministry of Finance mentioned the Pakistan Crypto Council (PCC) would play a pivotal position in formulating insurance policies, fostering innovation and guaranteeing a safe adoption of cryptocurrency in Pakistan.
Finance Minister Muhammad Aurangzeb has been made the PCC chairman “to exhibit the federal government’s dedication to evolving digital economic system”.
Bilal Bin Saqib, who was lately appointed as chief adviser to the finance minister, has been made the council’s CEO.
Finance minister to chair physique tasked with facilitating blockchain adoption
Mr Saqib will carry his experience in blockchain expertise, funding technique, and digital innovation to spearhead the initiative, the announcement mentioned.
The PCC’s rapid board members will embody State Financial institution Governor Jameel Ahmad, Securities and Exchange Commission of Pakistan Chairman Akif Saeed and secretaries for legislation and IT ministries.
The organisational construction would make sure that regulatory oversight, monetary stability, authorized frameworks, and technological developments had been introduced collectively to assist Pakistan’s crypto ecosystem, the ministry’s assertion mentioned.
The formation of the PCC signified the “authorities’s prolively stance in shifting Paokistan to the forefront of the worldwide shift in direction of blockchain expertise and digital property”.
The assertion mentioned that with regulatory readability and a structured method, Pakistan goals to “foster a protected and compliant surroundings for traders, companies, and innovators within the crypto area”.
The assertion quoted the finance minister as saying that the PCC was “a step in direction of embracing innovation whereas guaranteeing that we create a regulatory framework that protects traders and the monetary system”.
“We’re dedicated to fostering a accountable and progressive crypto ecosystem that may contribute to Pakistan’s financial progress,” Mr Aurangzeb mentioned.
Mr Saqib mentioned the council wouldn’t solely draft laws however create an ecosystem the place blockchain and digital finance can thrive.
“Our aim is to make sure that Pakistan turns into a aggressive participant within the international digital economic system whereas prioritising safety, transparency, and innovation.”
The council will concentrate on creating regulatory insurance policies, participating private and non-private stakeholders and positioning Pakistan as a key participant within the international digital asset panorama.
As per the assertion, the PCC will prioritise clear regulatory pointers to facilitate crypto adoption and have interaction with worldwide crypto and blockchain organisations to guarantee finest practices.
It would additionally encourage accountable innovation within the discipline by working carefully with key gamers within the business, together with fintech startups, traders, and blockchain builders whereas defending customers and guaranteeing monetary safety by sturdy authorized and compliance frameworks, the assertion added.
The PCC shall be a “new chapter in Pakistan’s monetary and technological evolution”, inserting Pakistan as a vacation spot for enterprise and a pacesetter in innovation within the digital finance sector.
Printed in Daybreak, March fifteenth, 2025
