The Finance Ministry of Pakistan is exploring the possibility of legalizing cryptocurrencies. A National Crypto Council is being considered, involving key government representatives and industry experts.
Initiative to Create a National Council
Pakistan's Finance Minister Muhammad Aurangzeb held a meeting with a foreign delegation, including advisors to U.S. President Donald Trump, to discuss the legalization of digital assets. As a result, an initiative to create a National Crypto Council was proposed, which will handle policy development and regulatory challenges in the field. This council will include representatives from governmental bodies, regulators, and industry experts to ensure the sustainable development of the country's crypto ecosystem.
Challenges and Opportunities for Crypto in Pakistan
Over 20 million residents in Pakistan are involved in the crypto space but face significant challenges, such as high transaction fees. Finance Minister Aurangzeb has directed stakeholders to create a framework that ensures economic viability, regulatory compliance, and protection against financial crimes and illicit activities.
Global Trends and Shifts in Crypto Stance
Pakistan's preliminary move towards cryptocurrency legalization aligns with global trends, such as increased industry regulation in the United States, Europe, the UAE, and other countries. These measures may foster innovation while enhancing consumer protection. Previously, Pakistan's Finance Ministry and State Bank opposed cryptocurrencies, but the current Finance Minister calls for an open-minded approach.
Pakistan is taking initial steps towards the legalization and regulation of cryptocurrencies, aligning with global trends. The formation of a National Crypto Council could play a key role in ensuring the sustainable development of the country's crypto industry.
