The Rise of Pakistan Crypto Council (PCC)
The government of Pakistan has taken a significant step towards embracing blockchain technology and digital assets by establishing the Pakistan Crypto Council (PCC). This initiative, spearheaded by the Finance Division, aims to regulate, foster, and integrate crypto innovations into Pakistan’s economic landscape.
A Shift in Stance
This move marks a notable shift from Pakistan’s previous stance on digital assets, which had been deemed illegal due to concerns about terror financing. The establishment of the PCC positions Pakistan as a potential key player in the global adoption of blockchain technology and digital finance.
Leadership and Structure
The PCC is led by Bilal bin Saqib, who serves as the Chief Advisor to the Finance Minister for the council. This appointment signifies Pakistan’s commitment to leveraging digital currencies for financial security and economic growth. Finance Minister Muhammad Aurangzeb heads the council, which includes top officials from key financial and regulatory bodies such as the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan.
Mission and Agenda
As the CEO of the council, Bilal bin Saqib emphasizes that the PCC’s mission extends beyond regulation to create an environment conducive to the growth of blockchain and digital finance. The council aims to develop regulatory guidelines for crypto adoption, collaborate with international organizations, and promote responsible innovation. Additionally, it will focus on consumer protection and financial security through a robust legal framework.
Impact and Potential
Pakistan has emerged as one of the top countries for crypto adoption, with millions of active users and billions of dollars in transactions. The country’s significant remittance market, valued at $35 billion annually, stands to benefit from increased crypto adoption.
