The government of Pakistan is considering the establishment of a National Crypto Council to regulate digital assets. This initiative was suggested after a recent meeting between Finance Minister Mohammed Aurangzeb and a foreign delegation.
Meeting with Foreign Delegation
A recent meeting between Pakistan's Finance Minister Mohammed Aurangzeb and a US delegation, known as 'Trump Advisers for Digital Assets,' discussed the development of digital assets in the country. The delegation included Gentry Beach Jr., Nikita Goldsmith, Alex Malkov, and Jerad Finck.
Plans for the New Council
The finance ministry announced plans to create a council that will include government officials, regulators, and industry experts to develop clear regulatory policies. The main goal of the council is to oversee policy making, ensure regulation, and foster industry development.
Government's Change of Stance on Crypto
Despite previously negative views towards cryptocurrency, the current finance minister Aurangzeb has initiated a shift in this stance. With over 20 million crypto users in the country, there are still no clear regulations safeguarding their investments. The new crypto council will ensure that Pakistan adheres to international financial norms while avoiding fraud and financial crimes.
At the meeting, representatives from Pakistan and the US agreed that the country should cautiously move forward towards legalizing cryptocurrencies. This could be a significant step in harnessing a growing digital asset market in the country.
