Pakistan Establishes Crypto Council to Embrace Blockchain Technology

 


In a significant move towards digital innovation, Pakistan has officially launched the Pakistan Crypto Council (PCC) to oversee and promote blockchain technology and digital assets within the country. This initiative reflects the government's commitment to integrating emerging technologies into the national financial system, aiming to foster a secure and efficient digital economy.

The PCC is chaired by Finance Minister Muhammad Aurangzeb, with Bilal Bin Saqib appointed as the Chief Executive Officer. Saqib brings extensive expertise in blockchain technology, investment strategies, and digital innovations to the council. His leadership is expected to guide Pakistan's efforts in adopting cryptocurrencies as strategic assets while ensuring the development of a robust regulatory framework aligned with global best practices.

The council's board comprises key figures, including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan, and the Federal Secretaries of Law and Finance. This diverse representation underscores the collaborative approach the government is taking to address the multifaceted aspects of digital asset integration, from regulatory policies to technological advancements.

One of the primary objectives of the PCC is to develop clear regulations that facilitate the adoption of cryptocurrencies and blockchain technology. By establishing a structured regulatory environment, the council aims to attract investment, encourage innovation, and ensure financial stability in the rapidly evolving digital asset landscape.

The establishment of the PCC aligns with international recommendations, notably from the International Monetary Fund (IMF), which has advised Pakistan to expand its tax framework to include the digital assets industry. This move is expected to increase state income and enhance the efficiency of remittance processes, benefiting the country's economy and its citizens abroad.

By embracing blockchain technology and digital assets, Pakistan aims to position itself as a leader in the digital financial sector. The PCC's efforts are anticipated to create a secure, transparent, and innovative financial ecosystem that supports economic growth and aligns with global technological trends.

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