Pakistan is landing its gaze firmly on digital currencies as it aims to build an enticing investment landscape for global crypto investors and establish itself as a frontrunner in blockchain-backed finance. In comments made by Pakistan Crypto Council CEO, Bilal Bin Saqib, he underlined the country’s determination to refrain from passive observation and instead, introduce a business-friendly legal structure to regulate cryptocurrencies.
Saqib, who earlier this month assumed the role of chief advisor to the finance minister on cryptocurrency matters, insists on Pakistan’s potential to lead in the blockchain financed realm. His comments are against the backdrop of a young, tech-savvy population, 60% of which are under 30, and ready to build a Web3-native economy.
The country revelation as a crypto hotspot is reflected in blockchain analytics firm Chainalysis’s rankings, which positioned Pakistan ninth in global crypto adoption last year. Saqib divulged the nation was home to up to 20 million cryptocurrency users.
The CEO is eager to follow in the footsteps of US President Donald Trump, describing him as the most significant catalyst for crypto expansion. Such a move to create a Bitcoin reserve and crypto stockpile from digital assets seized by the government is seen as a revolutionary step that other nations, including Pakistan, must emulate to avoid being rendered obsolete.
Nations in the development stage, such as Pakistan and Nigeria, stand to gain a great deal from the adoption of blockchain and crypto technologies, argues Saqib. By shifting dependence from conventional banking to blockchain for remittance and trade, charges can be reduced and seamless cross-border payment networks established.
In short, Pakistan’s message to the world is clear; it’s ready to shape a new, robust and beneficial digital economy, and it’s open for business.