Pakistan is developing a legal framework for cryptocurrency to attract foreign investors and enhance its market position. Bilal Bin Saqib, CEO of the Pakistan Crypto Council, advocates for regulatory clarity and promotes the advantages of blockchain for emerging economies. The country ranks ninth globally in crypto adoption, with significant potential to leverage this technology for trade and remittances.
Pakistan is actively working on establishing a legal framework for cryptocurrency to enhance its appeal to international investors. Bilal Bin Saqib, CEO of the Pakistan Crypto Council, articulated the nation’s intent to evolve from an observer to a leader in crypto regulations, stating, “Pakistan is done sitting on the sidelines; we want to have regulatory clarity; we need to have a legal framework that is pro-business.”
Saqib emphasized that Pakistan possesses a young workforce, with over 60% of the population under 30 years old, which is well-equipped for the Web3 era. This initiative aims to position Pakistan as a frontrunner in blockchain-enabled finance and to attract foreign investments. He was recently appointed as chief adviser to Pakistan’s finance minister regarding cryptocurrency management.
In a significant report, blockchain analytics firm Chainalysis ranked Pakistan ninth for crypto adoption, estimating around 20 million crypto users in the country. Saqib noted that former US President Donald Trump has played a pivotal role in advancing cryptocurrency interests, stating, “Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit or will be at the risk of being left behind.”
Highlighting the potential benefits of blockchain adoption for emerging economies, Saqib remarked that nations like Pakistan and Nigeria could significantly improve their trade and remittance processes. By harnessing blockchain technology, these countries could diminish dependence on conventional banking systems and reduce transaction fees, stating, “By leveraging blockchain for remittances and trade, both nations can reduce reliance on traditional banking, lower 5-9% fees, and create seamless cross-border payment networks.”
In summary, Pakistan is poised to integrate cryptocurrency into its economic framework to attract foreign investments. The initiative aims not only to regulate the crypto market but also to leverage a young, technologically savvy workforce. The focus is on enhancing trade and remittance processes through blockchain, positioning Pakistan as a potential leader in blockchain-powered finance in the developing world.
Original Source: www.tradingview.com
