ISLAMABAD: Pakistan is taking bold steps to position cryptocurrency as a vital “strategic asset” as part of its ongoing efforts to reshape the digital financial landscape, according to an adviser to the country’s finance minister.
This initiative follows Islamabad’s recent plans to formalize regulations around digital assets in the near future. Last month, Pakistan’s finance division outlined plans to form a national crypto council that will work to create a secure and conducive investment environment for digital assets within the country.
The move is designed to support the rapid growth of cryptocurrency adoption, with Pakistan already ranking among the top 10 nations globally for crypto usage.
In a key development, Bilal bin Saqib, an entrepreneur recognized by Forbes and a Web3 investor, was appointed as the chief adviser to the finance minister for the newly-established Pakistan Crypto Council.
On social media platform X, Saqib highlighted Pakistan’s potential in the global crypto market, stating, “Our priority moving forward is to recognize cryptocurrency as a strategic asset, develop a comprehensive regulatory framework, and ensure compliance, all while positioning Pakistan as a leader in the digital financial revolution.”
This announcement marks a shift away from years of regulatory uncertainty in Pakistan. The country’s central bank had previously classified virtual currencies, including Bitcoin, Litecoin, Pakcoin, and OneCoin, as illegal, banning their sale, purchase, and exchange.
Despite this, more than 20 million Pakistanis remain active users of digital assets, although they face challenges such as high transaction fees, as noted by the finance division.
Saqib also emphasized the global trend toward embracing digital assets, pointing to the U.S. government’s recent establishment of a Bitcoin Strategic Reserve as a game-changing move for the global economy. He argued that this move not only legitimizes crypto as a store of value but also accelerates institutional adoption, signaling a shift away from traditional assets like gold and oil.
