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Pakistan wants to get foreign investment, so they are set to legalize crypto trading. In an interview with Bloomberg TV, Bilal bin Saqib, CEO of Pakistan Crypto Council, said that the country wants to create a clear set of rules for crypto trading and digital asset activities to improve the local ecosystem.
Crypto trading is already popular in Pakistan, the world’s fifth most populous country, despite central bank warnings about the risks. Chainalysis says that Pakistan is the ninth country in the world in terms of crypto adoption. In the interview, Saqib said that between 15 and 20 million people in Pakistan use cryptocurrencies.
Pakistan Wants A Bigger Role In The Digital Future
Bilal Bin Saqib said that making cryptocurrencies legal isn’t just about getting foreign investments; it’s also about making Pakistan a leader in blockchain technology. He wants Pakistan to be able to compete in the Web3 space with tech hubs like Singapore, Dubai, and Hong Kong. Saqib also wants to resolve the problems that crypto traders in Pakistan are having with the government.
Currently, traders are being closely watched by financial authorities. Banks and the Federal Board of Revenue (FBR) are blocking accounts that they think are used for peer-to-peer (P2P) USDT trading. Not only are initial accounts being blocked, but also transactions that are linked to them are being flagged, which means that many people can’t access their money.
From Crackdowns to Regulations
The government wants to get rid of these problems by creating a legal framework. This will make crypto transactions safer and increase economic confidence in digital assets. It’s not just about changing the rules; it’s also about Pakistan becoming a bigger player in the global digital economy.
“Pakistan is done sitting on the sidelines,” Saqib said. With 60% of the population under 30, Pakistan has a young and growing market. It is also low-cost and high-growth. We aim to attract foreign investment. We are prepared to develop a Web3-native workforce.
The legalization proposal follows Saqib’s appointment as chief advisor to the finance minister earlier this month for digital asset management. He will also advise on exploring artificial intelligence to help the government work better. It will also improve decision-making and bring new ideas to the public sector.”
Driven on by Donald Trump’s pro-crypto agenda in the US, legislators in some of Asia’s major digital asset markets are warming to the business.
Every nation, including Pakistan, must follow Trump’s lead in making cryptocurrency a national priority,” Saqib stated.
The world is moving toward digital assets, and Pakistan wants to keep up. Now, the main question is when these rules will come into action. Also, what will they mean for the millions waiting for this to happen in Pakistan?
