Pakistan moves to recognise crypto as strategic asset
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Pakistan is taking steps to position cryptocurrency as a key 'strategic asset' in its drive to revolutionize the digital financial landscape, according to an adviser to the country's finance minister.
This announcement comes after Islamabad signaled its intent to formalize digital asset regulations in the near future.
Pakistan's finance division revealed plans last month to establish a national crypto council that would create a safe investment ecosystem for digital assets within the country.
This move aims to support the growing crypto adoption, with Pakistan already ranking among the top 10 nations globally for crypto usage.
In a significant development, Bilal bin Saqib, a Forbes-recognized entrepreneur and Web3 investor, was appointed as the chief adviser to the finance minister for the newly-formed Pakistan Crypto Council.
Saqib emphasized the country's strong position in the global crypto market, stating on social media platform X, "Moving forward, it will be our priority to recognize crypto as a strategic asset, develop comprehensive and forward-thinking regulatory frameworks, and ensure compliance to position Pakistan as a leader in the digital financial revolution."
The announcement follows years of regulatory uncertainty in Pakistan. The country's central bank had previously deemed virtual currencies, including Bitcoin, Litecoin, Pakcoin, OneCoin, and others, illegal, banning their sale, purchase, and exchange.
Despite this, over 20 million Pakistanis are active users of digital assets, though they face significant challenges such as high transaction fees, the finance division stated.
Saqib acknowledged the growing global trend towards digital assets, pointing to the United States' recent move to establish a Bitcoin Strategic Reserve as a major turning point for the global economy.
He said that this move not only legitimizes crypto as a store of value but also accelerates institutional adoption, signaling a shift from traditional assets like gold and oil.
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