Priyanka Tiwari
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Pakistan has officially launched the Pakistan Crypto Council (PCC) to regulate, promote, and integrate blockchain technology and digital assets within the country’s financial framework. This strategic move marks a significant shift toward embracing digital finance and fintech innovations to enhance economic stability.
Government’s Initiative to Strengthen Blockchain Regulation
The establishment of the Pakistan Crypto Council follows the recent appointment of Bilal bin Saqib as the Chief Advisor to the Finance Minister for managing digital assets. The government aims to develop a structured regulatory framework to oversee blockchain and cryptocurrency activities, ensuring responsible innovation while protecting investors.
A statement from the Finance Division emphasized that the formation of the PCC is a crucial step in positioning Pakistan as a key player in the global blockchain landscape. This initiative aligns with international efforts to adopt blockchain technology for financial growth and economic security.
Leadership and Governance Structure
The PCC will be led by Finance Minister Muhammad Aurangzeb, with an immediate board comprising:
- Governor of the State Bank of Pakistan
- Chairman of the Securities and Exchange Commission of Pakistan (SECP)
- Federal Law Secretary
- Federal IT Secretary
This diverse leadership ensures a balanced approach to regulatory oversight, covering financial stability, legal compliance, and technological advancements.
Pakistan’s Vision for Digital Finance Leadership
During the launch event, Finance Minister Muhammad Aurangzeb highlighted Pakistan’s commitment to leading in digital finance while ensuring a well-regulated cryptocurrency ecosystem.
“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 stated.
The council’s primary objectives include:
- Creating clear regulatory guidelines to facilitate cryptocurrency adoption
- Engaging with international blockchain organizations to align with global best practices
- Promoting responsible innovation in digital finance and fintech sectors
Bilal bin Saqib’s Role in Crypto Regulation
Bilal bin Saqib, now serving as the Chief Advisor on Digital Assets, emphasized that the PCC’s focus extends beyond regulation. He stressed the need to create an environment where blockchain and digital finance can thrive in Pakistan.
The government’s proactive stance on digital finance reflects Pakistan’s ambition to become a leading fintech hub in South Asia, fostering a progressive and secure crypto ecosystem.
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