Pakistan, often perceived as a sleeping economic giant, is taking steps to reshape its financial system. The appointment of Changpeng Zhao (CZ) as a cryptocurrency advisor is drawing interest and debate.
CZ's Role in Pakistan's Economy
The appointment of CZ, announced on April 7 by the Ministry of Finance, has surprised many. His role involves structuring a regulatory framework, modernizing blockchain infrastructure, and boosting crypto adoption. 'Pakistan can no longer sit idly by,' asserts PCC director Bilal bin Saqib.
The Potential of Cryptocurrency in the Country
Pakistan ranks 9th in crypto adoption in Asia. Local investors are using stablecoins to protect against the devaluation of the rupee and for cheaper remittances. 46% of South Asians prefer digital assets for their speed and accessibility.
Challenges and Obstacles to Adoption
Despite the opportunities, the path to widespread adoption of cryptocurrencies is hindered by the lack of a clear legal framework and distrust of decentralized platforms. CZ could provide strategic solutions based on his experience with Binance.
Pakistan hopes that the collaboration with CZ will bring new opportunities for cryptocurrency development, despite the risks and existing barriers.
