Pakistan plans to create legal framework for cryptocurrency transactions to attract international investment

PANews March 20th news, according to Bloomberg, Bilal bin Saqib, CEO of the Pakistan Crypto Council, said in an interview that the country aims to develop a clear regulatory framework to manage digital asset activities to promote the development of local ecosystems. "Pakistan is no longer standing by and we want to attract international investment because Pakistan is a low-cost and high-growth market with 60% of its population under the age of 30. We have a local workforce ready to build Web3," Saqib said. He hopes to build Pakistan into a cryptocurrency capital in South Asia, competing for leadership in the blockchain field with Dubai, Singapore and Hong Kong, China.

The legalization plan comes after Saqib was appointed as Chief Advisor to Digital Asset Management, the Minister of Finance earlier this month. He will also advise on exploring the use of artificial intelligence to improve government efficiency, optimize decision-making processes, and promote innovation in public sector operations. "Trump is making cryptocurrency a national priority and every country, including Pakistan, will have to follow suit," Saqib said.

According to Chainalysis, Pakistan ranks ninth in the world in terms of cryptocurrency adoption. Saqib mentioned in the interview that Pakistan has about 15 million to 20 million cryptocurrency users.