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They Are Trying to Become the Leading Crypto in South Asia: Legislation is Requested for 20 Million! - Coin Bulletin
Pakistan plans to create a legal framework for the cryptocurrency sector to attract international investors.
Pakistan Crypto Council CEO Bilal Bin Saqib stated in an interview with Bloomberg on March 20, "Pakistan has put an end to standing on the sidelines; we want regulatory clarity; we need a business-friendly legal framework," he said. "We want to make Pakistan a leader in blockchain-backed finance and attract international investment," he added. He also pointed out the potential of the young population, saying, "60% of the population is under 30 and we have a workforce that is inclined towards Web3."
Saqib, at the beginning of this month, when he was appointed as the chief advisor to Pakistan's finance minister on cryptocurrency management, shared on his X account, "This is just the beginning, Pakistan is ready to do business."
The blockchain analysis firm Chainalysis ranked Pakistan ninth in last year's cryptocurrency adoption rankings, and Saqib stated that there are up to 20 million cryptocurrency users in the country.
Describing U.S. President Donald Trump as the "biggest bull catalyst in the history of cryptocurrency", it drew attention to Trump's move to accumulate crypto assets to create a Bitcoin reserve.
Saqib stated that blockchain and crypto adoption could provide significant benefits for developing countries. In a post shared from his X account, he emphasized that Pakistan and Nigeria could reduce their dependence on traditional banking by using blockchain for remittances and trade, and could lower the fees ranging from 5% to 9%.