National Crypto Council

[ghazi52]

Pakistan to legalise crypto in bid to lure international investment: report​

Dawn.com
March 20, 2025


Bilal Bin Saqib, the chief adviser to the finance minister of the Pakistan Crypto Council, said that the country planned to legalise cryptocurrency to lure international investment in Pakistan, Bloomberg reported.

In an interview with Bloomberg, Saqib said Pakistan aimed to create “a clear regulatory framework for governing digital-asset activities to boost the local ecosystem”.

“Pakistan is done sitting on the sidelines,” he said, adding that they wanted to attract international investment because the country was a “low-cost high-growth market with 60 per cent of the population under 30.

“We have a Web3 native workforce ready to build,” he said.

On February 25, the finance ministry announced it was considering “establishing a National Crypto Council” to adopt emerging digital currencies in line with global trends, appointing Bilal bin Saqib as the chief adviser to the finance minister on the council.

The crypto council is designed to oversee policy development, address regulatory challenges, and ensure that Pakistan’s digital asset ecosystem evolves securely, compliantly, and sustainably. The council will also collaborate with friendly countries to develop standardised frameworks for international digital economic engagement.

Saqib said, “Trump is making crypto a national priority and every country including Pakistan will have to follow suit.”

US President Donald Trump has announced the names of five digital assets he expects to include in a new US crypto strategic reserve, spiking the market value of each.

The Republican president won support from the crypto industry in his 2024 election bid, and he has quickly moved to back their policy priorities. Under his Democratic predecessor, Joe Biden, regulators cracked down on the industry in a bid to protect Americans from fraud and money laundering.

Trump said on social media that his January executive order on digital assets would create a stockpile of currencies including Bitcoin, Ether, XRP, SOL and ADA.

Trump said his order “directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the US is the Crypto Capital of the World.”

 

[ghazi52]

Govt formally announces council to regulate cryptocurrency​

The Newspaper's Staff Reporter


ISLAMABAD: The government has formed a body to regulate cryptocurrency and blockchain technology and integrate digital assets into the financial system.

In a statement on Friday, the Ministry of Finance said the Pakistan Crypto Council (PCC) would play a pivotal role in formulating policies, fostering innovation and ensuring a secure adoption of cryptocurrency in Pakistan.

Finance Minister Muhammad Aurangzeb has been made the PCC chairman “to demonstrate the government’s commitment to evolving digital economy”.

Bilal Bin Saqib, who was recently appointed as chief adviser to the finance minister, has been made the council’s CEO.

Finance minister to chair body tasked with facilitating blockchain adoption

Mr Saqib will bring his expertise in blockchain technology, investment strategy, and digital innovation to spearhead the initiative, the announcement said.

The PCC’s immediate board members will include State Bank Governor Jameel Ahmad, Securities and Exchange Commission of Pakistan Chairman Akif Saeed and secretaries for law and IT ministries.

Jameel Ahmad


The organisational structure would ensure that regulatory oversight, financial stability, legal frameworks, and technological advancements were brought together to support Pakistan’s crypto ecosystem, the ministry’s statement said.

The formation of the PCC signified the “government’s proactive stance in moving Pakistan to the forefront of the global shift towards blockchain technology and digital assets”.

The statement said that with regulatory clarity and a structured approach, Pakistan aims to “foster a safe and compliant environment for investors, businesses, and innovators in the crypto space”.

The statement quoted the finance minister as saying that the PCC was “a step towards embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system”.

Bilal Bin Saqib


“We are committed to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth,” Mr Aurangzeb said.

Mr Saqib said the council would not only draft regulations but create an ecosystem where blockchain and digital finance can thrive.

“Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritising security, transparency, and innovation.”

The council will focus on developing regulatory policies, engaging public and private stakeholders and positioning Pakistan as a key player in the global digital asset landscape.

As per the statement, the PCC will prioritise clear regulatory guidelines to facilitate crypto adoption and engage with international crypto and blockchain organisations to ensure best practices.

It will also encourage responsible innovation in the field by working closely with key players in the industry, including fintech startups, investors, and blockchain developers while protecting consumers and ensuring financial security through robust legal and compliance frameworks, the statement added.

The PCC will be a “new chapter in Pakistan’s financial and technological evolution”, placing Pakistan as a destination for business and a leader in innovation in the digital finance sector.

 

[ghazi52]

The federal government appointed Bilal bin Saqib as the chief adviser to the finance minister on the recently announced Pakistan Crypto Council.

On February 25, the finance ministry announced it was considering “establishing a National Crypto Council” to adopt emerging digital currencies in line with global trends. An official statement said Finance Minister Muhammad Aurangzeb had a meeting on digital assets with a foreign delegation, “including President Trump’s advisers for digital assets”.

A press release issued today by the Finance Division said Saqib’s appointment as chief advisert “reaffirms Pakistan’s commitment to embracing technological advancement while ensuring sound policy measures that support the national economy, digital transformation, and a secure, transparent financial system for all”.

According to Forbes, Saqib — who is part of their ‘30 under 30’ list — is the cofounder of Tayaba, which the publication describes as “a social enterprise that aims to provide solutions to the water crisis in Pakistan”.

The press release noted that Saqib had been included in the Forbes list, calling him “a Web3 investor, strategic adviser, and thought leader in the blockchain space.” He also received his MBE in 2023 for contributions to the UK’s National Health Service, the statement added.

An MBE, which stands for “Member of the Most Excellent Order of the British Empire”, is awarded for an outstanding achievement or service to the community which has had a long-term, significant impact.

“In this pivotal role as the chief adviser to the finance minister on the Pakistan Crypto Council, Saqib will lend his great knowledge and experience to Pakistan’s efforts to integrate cryptocurrency and blockchain technologies into its financial ecosystem while ensuring the development of a robust regulatory framework for digital assets in alignment with global best practices,” the press release said.

It added: “Additionally, he will advise the finance ministry on exploring the use of artificial intelligence (AI) to enhance government efficiency, optimise decision-making processes and drive innovation in public sector operations.”

The Finance Division called Saqib’s appointment “a significant step forward” in Pakistan embracing digital currencies and assessing their impact on the national economy.

Aurangzeb welcomed Saqib’s appointment and expressed how crucial his role would be in guiding Pakistan through the landscape of digital currency, according to the statement.

“Saqib’s appointment underscores our commitment to embracing emerging technologies while ensuring a secure and transparent financial system,” Aurangzeb was quoted as saying. “We are confident that his leadership will guide the development of a sound and effective regulatory framework, fostering innovation and sustainable growth in Pakistan’s crypto sector.”

According to the press release, Saqib himself commented on his appointment, saying: “Cryptocurrency and blockchain technology hold immense potential for Pakistan, particularly for the youth, who are the driving force behind our nation’s digital future.

“With the right strategies and regulatory framework, we can empower our country’s youth, foster economic growth, and establish Pakistan as a leader in the space.”

The Finance Division called Saqib’s appointment a “critical achievement” in Pakistan’s efforts to become a regional leader in the cryptocurrency space and ensure that the country was prepared to handle the regulatory, economic, and security challenges posed by the emerging sector.

 

[ghazi52]

Crypto Council key to Pakistan’s digital future: FM Aurangzeb​

Finance minister reaffirms government’s commitment to fostering a transparent and future-ready financial ecosystem.

News Desk
March 22, 2025

Pakistan’s Finance Minister Muhammad Aurangzeb has highlighted the Pakistan Crypto Council’s (PCC) crucial role in shaping the country’s future in digital assets and blockchain technology.

Speaking at the council’s inaugural meeting in Islamabad on Friday, Aurangzeb said the body would act as a central platform, bringing together regulators and industry stakeholders to develop a responsible and forward-looking regulatory framework for cryptocurrencies.

He reaffirmed the government’s commitment to fostering a transparent and future-ready financial ecosystem that attracts investment, empowers youth, and positions Pakistan as a leader in emerging technologies.



The meeting concluded with a consensus on carefully navigating Pakistan’s approach to blockchain and cryptocurrencies, ensuring economic stability while maximising the potential of digital assets.

Earlier this month, the federal government officially launched the PCC to regulate and integrate blockchain technology and digital assets into the country’s financial system, according to a statement from the Finance Division.

The announcement follows the recent appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for the council. The PCC is a government-backed initiative designed to regulate, promote, and incorporate blockchain and cryptocurrency innovations into Pakistan’s economic framework.

A statement from the Finance Division 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.

 

[ghazi52]

Pakistan's late crypto move​

As country embraces cryptocurrency, is it an independent decision or part of larger global shift?

Usman Hanif
March 31, 2025

Although late, as usual – a trait of any developing conservative country – Pakistan has finally decided to adopt cryptocurrency. However, better late than never.

Prime Minister Shehbaz Sharif, on March 15, 2025, constituted the Pakistan Crypto Council (PCC), mandated to introduce new regulatory guidelines for launching digital currency – a move backed by all key stakeholders.

The five-member council will be chaired by Finance Minister Muhammad Aurangzeb, while his chief adviser, Bilal Bin Saqib, will serve as the Chief Executive Officer, according to a notification issued by the Ministry of Finance.

When cryptocurrency was emerging as a global trend, the State Bank of Pakistan (SBP), the government's autonomous financial arm, issued an order declaring it illegal. That declaration was bound to be ineffective, as cryptocurrency thrives precisely because it is not regulated by any central bank – a liberating fact that attracts the masses.

The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) once released a research report stating that, around three years ago, Pakistani individuals collectively held $20 billion in cryptocurrency. This demonstrates how deeply cryptocurrency has penetrated Pakistani society, despite SBP's efforts. Instead of preventing its adoption, the SBP's stance merely slowed progress – a recurring phenomenon in many sectors, contributing to the country's sluggish economic growth.

The purpose of the SBP statement was to evade any potential responsibility in case something went wrong, as every new venture carries risks along with potential benefits.

Meanwhile, although cryptocurrency has long been legal in the United States, former President Donald Trump has recently taken a more pro-crypto stance, reflecting the US government's growing interest in digital assets and the geopolitical implications surrounding the dollar and the idea of shared currency by BRICS.

Trump embraced crypto as a campaign issue, appealing to younger voters and libertarians while still emphasising the importance of the dollar. During his campaign, he courted crypto donors and stated that he wanted the US to lead in crypto innovation, although initially, he criticised the Biden administration's crypto policies, framing crypto as a tool for financial freedom.

Pundits see the formation of a "Crypto Council" by the US and pro-regulation moves as attempts to maintain US financial dominance. Others suggest that the US is trying to prevent crypto innovation from moving offshore, especially as other countries – like the EU with The Markets in Crypto-Assets Regulation (MiCA) – set their own rules. Some blockchain evangelists indicate that US lawmakers are pushing for clearer crypto regulations to prevent China or BRICS from gaining an edge.

There's growing speculation that the US sees crypto as a way to counter BRICS' de-dollarisation efforts. While BRICS is working on a gold-backed currency, the US might be hedging its bets by supporting crypto as an alternative global financial system. However, while crypto will not replace the dollar anytime soon, it could serve as a parallel system if dollar dominance erodes.

Economists believe that the concept of BRICS introducing a common currency is far-fetched. They argue that any country or group of countries with a strong currency would need to act as a paymaster for weaker nations that may seek loans, debt relief, and grants during challenging times. Currently, there doesn't appear to be any country within BRICS willing to take on that role in the near future.

A question arises regarding Pakistan's approach to attracting foreign investors, especially given the limited opportunities for modern businesses. Is Pakistan following the lead of the United States, or is it acting independently in forming the PCC to adopt cryptocurrency and integrate it into its financial system?