Oh, what a curious tale we have here! In the bustling land of Pakistan, the fifth most populous wonderland, the clever folks are crafting a shiny new rulebook to make cryptocurrency as legal as a cup of tea! ☕ The government, with its eyes sparkling like a child in a candy store, hopes to lure in foreign investors and sprinkle some digital magic across the country!
This decision is like a giant leap for the government, hopping from the sidelines right into the crypto playground! 🎉
What Is the Current State of Crypto Adoption in Pakistan?
Pakistan is on a mission, dear reader! They want to whip up some clear rules for digital treasures to make their local crypto garden bloom. Bilal bin Saqib, the big cheese at the Pakistan Crypto Council, spilled the beans in a chat with Bloomberg TV.
He estimates that a whopping 15 to 20 million Pakistanis are already dabbling in cryptocurrency, which is about 8% of the population! That’s a lot of digital coins bouncing around! 💰
“Our message is clear – Pakistan is done sitting on the sidelines! We want Pakistan as the leader in blockchain-powered finance. With 60% of our population under 30, we’re a low-cost, high-growth market, and we have a web3 native workforce ready to BUIDL!” Saqib exclaimed, his eyes twinkling with excitement.
Just after appointing Saqib as the Chief Advisor to the Finance Minister on digital asset management in early March 2025, the government decided to take the plunge! He’s also the wizard behind the curtain for artificial intelligence (AI) to make the government run smoother than a well-oiled machine! 🤖
As other Asian nations jump on the crypto bandwagon, Pakistan is not about to be left behind! Even the big man in the White House, Donald Trump, has been waving his pro-crypto flag, nudging everyone to keep up! 🇺🇸
“Trump is making cryptocurrency a national priority, and every country, including Pakistan, must keep up with this trend,” Saqib said, probably while adjusting his shiny new crypto glasses! 🕶️
In March 2025, the Pakistani government announced the birth of the Pakistan Crypto Council (PCC), a shiny new body to oversee the magical integration of blockchain technology and digital assets in the financial realm. 🏦
Finance Minister Muhammad Aurangzeb is at the helm, steering the ship alongside the Governor of the State Bank of Pakistan and the Chairman of the Securities and Exchange Commission of Pakistan (SECP). The PCC aims to whip up clear guidelines for cryptocurrency adoption, team up with international pals, and sprinkle some responsible innovation dust! ✨
But hold your horses! Pakistan has had a bit of a rollercoaster ride with crypto regulations over the years. Just back in 2023, Finance Minister Aisha Ghaus Pasha declared that cryptocurrency “would never be legalized” because of some stern looks from the Financial Action Task Force (FATF). They wanted Pakistan to tighten its financial belt to avoid being put on the “gray list” for money laundering and other naughty business! 😱
Yet, in a twist of fate, the government has recently decided to play nice. Instead of slamming the door on cryptocurrency, they’re crafting a strict regulatory framework. This plan focuses on anti-money laundering (AML) and counter-terrorism financing (CTF) measures while keeping investors safe and snug in the formal economy! 🛡️
According to the “2024 Global Adoption Index” by Chainalysis, Pakistan has jumped to ninth place worldwide in crypto adoption! And in the Central & Southern Asia and Oceania (CSAO) region, they’re sitting pretty at fifth, with over $30 billion in remittances flowing through digital assets! 💸
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2025-03-20 13:27