Pakistan has taken a significant step towards establishing a crypto currency framework, with global recognition from the independent New York-based media platform, Cointelegraph Magazine, which praised the country’s initiatives in crypto and blockchain development.
Amid the growing importance of digital assets, Pakistan has introduced a new national system for crypto currency. Pakistan Crypto Council (PCC) Chief Executive Officer Bilal Bin Saqib said the country plans to establish its own Bitcoin reserves to ensure financial stability.
Cointelegraph Magazine reported that Pakistan aims to formally include crypto assets as part of its national reserves and generate income through decentralised finance (DeFi). Bilal Bin Saqib also held a meeting with Bitcoin pioneer Michael Saylor and invited him to serve as an advisor for Pakistan’s strategic Bitcoin reserve.
As of 2024, Pakistan has ranked ninth globally in terms of crypto adoption speed, according to Cointelegraph Magazine.
Meanwhile, the Ministry of Finance, State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) are collaboratively working on developing a robust crypto framework aimed at ensuring transparency, security and economic growth in the sector.
