Pakistan is making a significant move in the crypto space by launching the Pakistan Crypto Council (PCC) to regulate and integrate blockchain into its financial system.
A Strategic Shift Toward Blockchain
Pakistan's decision to create the PCC marks a shift from viewing cryptocurrency as a risk to embracing its potential. The country aims to become a strong player in global digital finance, paralleling other nations like the U.S. that have recognized blockchain's advantages.
Who’s Leading the Charge?
Finance Minister Muhammad Aurangzeb will chair the PCC, bringing together top regulatory figures, including the Governor of the State Bank of Pakistan and the Chairman of the Securities and Exchange Commission of Pakistan (SECP). This leadership structure ensures blockchain integration with a focus on financial stability and security. Recently, the government appointed Bilal bin Saqib as Chief Advisor to the Finance Minister for the PCC. As the council's CEO, he highlighted that the PCC will not only regulate but also support the growth of blockchain and digital finance in Pakistan.
Why is it Necessary?
The PCC is set up to create clear guidelines for cryptocurrency use in the country, aiming for safe and organized adoption that benefits the economy. One major reason for embracing cryptocurrency is Pakistan's substantial remittance market: annually, overseas Pakistanis send about $35 billion home. Cryptocurrencies can make these transactions cheaper and faster, allowing recipients to get more money with reduced transaction fees.
This move demonstrates Pakistan's intention not only to control cryptocurrency but also to become a significant player in the global digital economy. If successful, the PCC could lead to major advancements in blockchain technology, digital finance, and economic growth. The upcoming months will be crucial in assessing the council's effectiveness in realizing its vision.
