ISLAMABAD: Pakistan Crypto Council Chief Executive Officer Bilal bin Saqib has indicated plans to issue licenses to exchanges companies for dealing in crypto currency, signaling a significant step toward formalizing the digital currency sector in Pakistan.
During a meeting with the Exchange Association of Pakistan, chaired by Malik Muhammad Bostan, along with E-Cap President Zafar Pracha and other officials, the potential benefits of a stable digital currency were discussed.
Officials noted that such a currency could accelerate remittances from overseas Pakistanis, potentially increasing the annual inflow from $38 billion to $50 billion.
The meeting also highlighted the council’s legal recognition in Pakistan and its alignment with the requirements of the digital economy.
Recently, the State Bank of Pakistan (SBP) and SECP allowed individuals interested in crypto trading to open accounts in approved banks using the council’s NOC.
Currently, around 40 million Pakistanis trade in crypto at a cost of 5–6%, but with the introduction of digital licenses, this cost could drop to just 1%, the council noted.
