Pakistan plans to legalize cryptocurrency to attract global investment

(Web Desk): Pakistan is planning to legalize cryptocurrency to attract international investment, according to Bilal Bin Saqib, the chief adviser to the finance minister of the Pakistan Crypto Council.

In an interview with Bloomberg, Saqib explained that Pakistan wants to create clear rules for digital assets to help grow the local crypto market.

Saqib emphasized that Pakistan is no longer staying on the sidelines and wants to become a key player in the global crypto space. The country is seen as a low-cost, high-growth market with 60% of its population under 30 years old. Saqib also highlighted that Pakistan has a workforce familiar with Web3, the technology behind cryptocurrencies, which is ready to build and innovate in the space.

On February 25, Pakistan’s finance ministry announced plans to establish a National Crypto Council to help the country adapt to emerging digital currencies. Saqib was appointed as the chief adviser to the council, which will focus on policy development and regulatory issues. The council will also work with other countries to create global standards for digital assets.

Saqib also pointed out that other countries, including Pakistan, will have to follow the lead of the United States, which is prioritizing cryptocurrency. US President Donald Trump has announced plans to create a “Crypto Strategic Reserve” and include digital assets like Bitcoin, Ether, XRP, Solana (SOL), and Cardano (ADA). This move has caused an increase in the value of these cryptocurrencies. Trump has made supporting crypto a key part of his 2024 election campaign, promising to make the US the “Crypto Capital of the World.”

While the US has faced regulatory challenges under President Joe Biden’s administration, Trump’s stance on crypto aims to support the industry and create a stronger digital economy. Pakistan’s decision to embrace cryptocurrency reflects the growing trend of countries looking to tap into the potential of digital assets.