Pakistan Establishes Crypto Council to Integrate Blockchain and Regulate Digital Assets

Pakistan has established the Pakistan Crypto Council (PCC) to oversee the integration of blockchain technology and digital assets into its financial system, according to a recent statement from the Finance Division. This initiative marks a policy shift from a previous stance citing concerns over terror financing. The PCC will be chaired by Finance Minister Muhammad Aurangzeb, with Bilal bin Saqib appointed as CEO. The council includes high-ranking officials from the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan (SECP). Its mission includes developing regulatory guidelines, collaborating with international organizations, and promoting responsible innovation with a focus on consumer protection. Pakistan ranks high in crypto adoption, with approximately 20 million users and over $20 billion in crypto transactions. The country's $35 billion remittance market is also poised to benefit from increased crypto use.