Pakistan is taking steps to legalize cryptocurrency, aiming to establish a clear regulatory framework to attract international investments. Bilal Bin Saqib, chief adviser to the finance minister, highlights the nation as a youthful market ready for digital growth. The formation of a National Crypto Council is also being considered to ensure regulation and policy alignment with global standards, particularly following US trends under Trump’s administration.
In a bold move to attract international investors, Pakistan plans to legalize cryptocurrency, according to Bilal Bin Saqib, chief adviser to the finance minister and member of the Pakistan Crypto Council. This decision is seen as a strategic effort to establish a regulatory framework for digital assets, creating an inviting ecosystem for crypto-related activities. Saqib emphasized, “Pakistan is done sitting on the sidelines” and is eager to showcase its potential as a “low-cost high-growth market with 60 percent of the population under 30.”
The finance ministry is considering the establishment of a National Crypto Council. This plan, hinted at during a February 25 announcement, aims to bring emerging digital currencies in line with global trends. The council’s mission? To oversee policies, tackle regulatory hurdles, and ensure that the digital asset realm in Pakistan develops securely and sustainably. Collaboration with other nations is high on the agenda as well, focusing on creating standardized frameworks for international digital economic interaction.
Saqib seems to be keeping a close eye on global happenings, remarking that “Trump is making crypto a national priority and every country including Pakistan will have to follow suit.” With US President Donald Trump advocating for a strategic reserve of digital assets like Bitcoin and Ether, it appears that the momentum in the crypto world is gaining speed. Trump’s backing promises to shift the political landscape, especially after a period of regulatory crackdowns brought by former President Joe Biden aimed at preventing fraud and money laundering.
The perceived crypto-friendly environment under Trump’s administration not only benefits the US market but could set a precedent for countries like Pakistan looking to dive into the digital currency pool. His January executive order directed the formation of a Crypto Strategic Reserve, including names like XRP, SOL, and ADA, which has some in the market thrilled.
The anticipation surrounding this shift in policy suggests that Pakistan recognizes the importance of digital currencies and is prepared to adapt. With a young, tech-savvy workforce ready to take on the challenges ahead, Pakistan’s venture into the crypto world could signal a significant change, not only for its economic landscape but also for its global investment potential.
In summary, Pakistan is positioning itself to legalize cryptocurrency, aiming to attract international investments through a well-defined regulatory framework. With a young demographic and a growing workforce, the country is ready for digital innovation. The collaboration with other nations, especially considering global trends like Trump’s recent moves, suggests that Pakistan is committed to embedding itself in the evolving crypto landscape, creating a potentially lucrative environment. This makes for an intriguing journey ahead as the nation embraces the digital currency revolution in a bid to uplift its economic prospects.
Original Source: www.dawn.com
