Pakistan has announced initiatives to legalize bitcoin and cryptocurrencies while establishing a regulatory framework aimed at attracting foreign investments and enhancing adoption.
Bilal Bin Saqib, CEO of the Pakistan Crypto Council, informed Bloomberg on Thursday that the nation has introduced plans to legalize bitcoin and cryptocurrencies, along with a regulatory structure to draw in international investment and promote adoption.
The government aims to develop clear regulations and align with international standards. Pakistan’s Finance Minister established the PCC last week to guide the country’s crypto approach.
“Pakistan is no longer on the sidelines” when it comes to bitcoin and cryptocurrencies, Saqib stated to Bloomberg. “We aim to attract global investment since Pakistan represents a low-cost, high-growth market with 60% of its population under 30.”
“Trump is prioritizing crypto on a national level, and every nation, including Pakistan, will need to adapt,” he added.
This initiative emerges amid a worldwide shift in perceptions towards bitcoin and cryptocurrencies following the U.S. call for greater mainstream acceptance. The new direction marks a significant change for Pakistan, which had previously prohibited crypto. By adopting bitcoin and cryptocurrencies early on, Pakistan aims to establish itself as a regional leader and attract investors.
Initially, Pakistan’s central bank raised concerns. Nonetheless, the government is now looking to address risks through responsible legislation. Clear regulations could foster innovation and avert possible exploitation of decentralized networks.
