Pakistan is poised to introduce legal frameworks for cryptocurrencies to attract foreign investment. These moves come as the national crypto council is established under the support of the country's Prime Minister.
Advisor's Statement
Bilal Bin Saqib, chief advisor to the Finance Minister of Pakistan, stated in a Bloomberg interview that the country is ready to set clear regulatory frameworks for cryptocurrencies. According to him, this is essential for attracting international investments.
Plan of Action
Saqib highlighted Pakistan’s significant potential as a low-cost, high-growth market where over 60% of the population is under 30. The market’s Web3 native workforce is ready to build. He emphasized that cryptocurrency is becoming a national priority and Pakistan needs to keep up with this trend.
Pakistan and its Neighbors
If Pakistan indeed legalizes cryptocurrencies, it will become the first South Asian nation to do so, outpacing India where cryptocurrencies are viewed with skepticism. Meanwhile, Bhutan’s government actively engages in Bitcoin mining, yet cryptocurrencies are not legal tender there.
The prospects of legalizing cryptocurrencies in Pakistan suggest significant changes for the country’s economy, opening doors for international investments and supporting blockchain technology development.
