Pakistan launches crypto council to integrate blockchain technology with financial landscape

The Pakistan Crypto Council (PCC) would regulate, promote, and incorporate blockchain and cryptocurrency innovations into Pakistan’s economic framework.

Pakistan has officially launched the national crypto council to regulate and integrate blockchain technology and digital assets into the country’s financial system.

The development comes following the recent appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for the management of digital assets.

The Pakistan Crypto Council (PCC) would regulate, promote, and incorporate blockchain and cryptocurrency innovations into Pakistan’s economic framework.

A statement from the Finance Division on Friday described the council’s formation as a significant step in the country’s efforts to adopt digital finance, positioning it as a key player in the global shift towards blockchain technology.

The council will be led by Finance Minister Muhammad Aurangzeb, with its immediate board comprising the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Law Secretary, and the Federal IT Secretary.

The diverse leadership structure aims to ensure a balanced approach to regulatory oversight, financial stability, legal frameworks, and technological advancements.

According to The Express Tribune newspaper, Aurangzeb during the launch emphasised Pakistan’s desire to lead in the digital finance space.

"The establishment of the Pakistan Crypto Council is a step towards embracing innovation while ensuring we create a regulatory framework that protects investors and the financial system," he said.

He also highlighted the country’s commitment to fostering a responsible and progressive crypto ecosystem for economic growth.

Bilal bin Saqib underscored the importance of the council, stating that its focus extends beyond regulation to creating an environment where blockchain and digital finance can thrive.

The PCC’s priorities include establishing clear regulatory guidelines to facilitate cryptocurrency adoption, engaging with international crypto and blockchain organisations to ensure best practices, and promoting responsible innovation.