ISLAMABAD: Pakistan’s government is taking steps to legalize digital currencies and establish a regulatory framework to position the country as a hub for blockchain-based financial systems and attract international investment, according to Bilal Bin Saqib, the newly appointed Chief Advisor to the Finance Minister on the Pakistan Crypto Council.
In an interview with Bloomberg TV, Bilal outlined Pakistan’s vision for embracing cryptocurrency, emphasizing the need for regulatory clarity and a business-friendly legal framework. “We want to give Pakistan a prominent place in the blockchain-based financial system,” he said, highlighting the country’s young population, with 60% under the age of 30, as a key driver for growth in the crypto sector.
Pakistan is already one of the world’s leading crypto-adopter nations, with an estimated 15 to 20 million citizens holding digital assets. Crypto transactions in the country are worth billions of dollars annually, making legalization a priority. “We want a clear regulatory framework so that investment can come and the crypto system can flourish in Pakistan,” Bilal said.
Recognized by Forbes as a Web3 investor and blockchain expert, Bilal noted that Pakistan offers a low-cost, high-potential environment for crypto businesses compared to established hubs like Dubai and Singapore. The government is also working on introducing regulatory sandboxes to allow crypto startups to operate in a controlled, legal environment.
Also read:Pakistan launches Crypto Council to regulate digital assets
Bilal revealed that Pakistan is collaborating with the United Arab Emirates, Nigeria, and Turkey to develop its regulatory framework. On taxation, he said the government aims to adopt a balanced and growth-friendly approach to encourage foreign investment.
He also highlighted the potential of cryptocurrency to boost Pakistan’s fintech sector, calling it a catalyst for rapid growth. Bilal pointed to the U.S. under President Donald Trump as a model, citing Trump’s executive orders on digital assets and the establishment of a White House Crypto Advisory Team as pivotal moments for the global crypto industry.
“The world’s largest economy is treating crypto as a valuable national asset, just like gold or oil,” Bilal said. “Every country, including Pakistan, must follow suit, or risk being left behind.”
