Pakistan aims to create a regulatory framework for cryptocurrency to attract foreign investors. Bilal Bin Saqib, CEO of the Pakistan Crypto Council, advocates for a pro-business legal structure, emphasizing the country’s potential as a leader in blockchain finance. With a significant youth demographic, Pakistan seeks to leverage blockchain for economic benefits, particularly in remittances.
Pakistan is in the process of establishing a legal framework for cryptocurrency, aiming to attract foreign investment to the country. Bilal Bin Saqib, CEO of the Pakistan Crypto Council, emphasized the importance of regulatory clarity and a business-friendly environment for this initiative. He highlighted Pakistan’s potential as a leader in blockchain-powered finance, noting that a significant portion of its population, particularly the youth, is ready to embrace Web3 technologies.
Following his recent appointment as chief adviser to the finance minister on cryptocurrency management, Saqib pointed out that Pakistan was ranked ninth for cryptocurrency adoption globally last year, with an estimated 20 million users. His passion for enhancing the crypto landscape in Pakistan stems from a broader recognition of the global movement toward digital currencies.
Saqib mentioned that former U.S. President Donald Trump is a pivotal figure for the cryptocurrency market, advocating that nations, including Pakistan, must prioritize digital assets to avoid falling behind. He underscored the necessity for countries to adapt to the evolving cryptocurrency landscape to remain competitive.
Saqib’s vision extends beyond simply legalizing cryptocurrency; he sees immense benefits for developing nations like Pakistan and Nigeria through blockchain technology. By utilizing blockchain for remittances and trade, these countries can cut down reliance on traditional banking systems and significantly lower transaction fees, thereby fostering improved cross-border payment solutions.
Pakistan’s initiative to establish a legal framework for cryptocurrency is a strategic move to attract international investors and strengthen its position in the digital finance landscape. With a burgeoning young population and a focus on blockchain adoption, the country is poised for significant growth in this sector. The influence of global leaders, along with the potential financial benefits of cryptocurrency, underscores the need for developing nations to embrace these technologies to stay competitive in the global economy.
Original Source: cointelegraph.com
