ISLAMABAD: Pakistan took its first significant step toward shaping the future of cryptocurrency and blockchain with the inaugural meeting of the Pakistan Crypto Council (PCC) held today. The meeting was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, marking a pivotal moment in the country’s digital finance landscape.
As per a statement of the ministry of finance, the meeting brought together key stakeholders, including PCC CEO Bilal Bin Saqib, the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal IT and Law Secretaries. This diverse assembly of decision-makers underscored the importance of a unified, strategic approach to Pakistan’s crypto ecosystem.
CEO Bilal Bin Saqib outlined a comprehensive vision and mission for the Council, highlighting Pakistan’s untapped potential in the crypto sector. His presentation shed light on existing challenges, including regulatory ambiguity, and emphasized the need for a clear framework to unlock the industry’s full potential.
A key proposal was the utilization of Pakistan’s surplus electricity for Bitcoin mining, transforming a national liability into a potential economic asset. Saqib also stressed the importance of learning from successful regulatory models in other regions while tailoring strategies to Pakistan’s unique socio-economic landscape.
Senator Muhammad Aurangzeb lauded the initiative and reiterated the government’s commitment to fostering a responsible and forward-thinking crypto environment. He emphasized that the PCC would serve as an umbrella platform, bringing together all relevant stakeholders to collaboratively design a regulatory framework that ensures transparency, security, and growth.
“This marks the beginning of a new digital chapter for our economy. We are dedicated to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and positions Pakistan as a global leader in emerging technologies,” said Senator Aurangzeb.
While advocating for global best practices, the Minister stressed the importance of developing business and revenue models that align with Pakistan’s economic realities. He also highlighted the need to build upon existing efforts by various institutions, ensuring a cohesive approach to crypto adoption and regulation.
Council members, including representatives from the State Bank of Pakistan, SECP, and federal ministries, actively contributed to discussions on establishing a well-defined regulatory framework. Key priorities included:
- Developing clear legislation and licensing regimes
- Ensuring consumer protection in crypto transactions
- Promoting blockchain mining as an economic opportunity
- Formulating a national blockchain policy
- Implementing pilot programs for phased crypto adoption
- Aligning policies with international standards and obligations
The meeting concluded with a shared commitment to charting a strategic path forward. As Pakistan takes its first official step into the crypto and blockchain domain, the collaborative efforts of the PCC will be instrumental in shaping a secure, efficient, and innovative digital financial ecosystem while safeguarding national economic interests.
