Pakistan is taking a bold step towards embracing the digital economy by planning to legalize cryptocurrency, a move aimed at attracting foreign investment and fostering economic growth. Bilal bin Saqib, the newly appointed Chief Advisor to the Finance Minister for the Pakistan Crypto Council, shared this vision during an interview with Bloomberg. He emphasized the need for regulatory clarity and a pro-business legal framework to position Pakistan as a leader in blockchain-powered finance.
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With an estimated 15 to 20 million Pakistanis already holding cryptocurrency, the country ranks among the top adopters globally. Bilal highlighted that Pakistan’s low operating costs and a young, tech-savvy population—60% under the age of 30—make it an attractive destination for international investors. The government plans to introduce regulatory sandboxes to enable crypto startups to operate in a controlled environment and is collaborating with countries like the UAE, Nigeria, and Turkiye to learn from their regulatory models.
The initiative also includes a balanced tax structure to encourage growth while ensuring compliance. Bilal believes that cryptocurrency could supercharge Pakistan’s fintech sector, providing a much-needed boost to the economy. This move comes at a time when global attitudes towards digital assets are shifting, with major economies like the U.S. prioritizing cryptocurrency as a strategic asset.
Pakistan’s decision to legalize cryptocurrency could mark a significant turning point, potentially positioning the country as a regional leader in digital finance. This development reflects a broader trend of integrating blockchain technology into national economic frameworks, signaling a new era for Pakistan’s financial landscape.
