Pakistan has immense potential in cryptocurrency and blockchain technology, with 20 million crypto users, ranking among the top five countries globally in adoption. CEO of the Pakistan Crypto Council (PCC) and Chief Advisor to the Finance Minister, Bilal Bin Saqib, emphasized the need for regulations, consumer protection, and technological advancements to maximize these opportunities.
Blockchain’s Role in Key Sectors
Speaking on Geo News’ “Geo Pakistan”, Saqib highlighted crypto’s potential in transforming key industries, particularly overseas remittances, real estate, and agriculture.
PCC’s Role in Regulation and Revenue Generation
The Pakistan Crypto Council (PCC) is working towards a structured licensing system and exploring revenue models for crypto-related activities. Saqib stressed the importance of a regulated framework to protect consumers, prevent fraud, and boost investor confidence in digital assets. He assured that proper oversight would increase transparency and reduce financial risks associated with the industry.
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Addressing Concerns About Crypto Misuse
Many governments fear that cryptocurrency can be misused for illegal activities. However, Saqib cited global data showing that only 0.24% of crypto transactions are linked to illicit activities. He argued that bad actors exist in every industry, but the technology itself should not be blamed. Instead, a well-structured legal framework could mitigate risks while enabling innovation.
Pakistan’s Crypto Future: Learning from Global Leaders
Saqib did not specify a timeline for legalizing crypto in Pakistan but confirmed that efforts were underway to develop a comprehensive regulatory framework.
The Need for Technological Upskilling
Saqib stressed that Pakistan must invest in blockchain and AI education to remain competitive in global markets. He pointed out that India launched its national blockchain paper in 2019 and initiated AI programs much earlier, putting it 5-7 years ahead of Pakistan in these critical technologies.
He also highlighted Pakistan’s strong presence in the global freelancing market. However, inconsistent policies and lack of government support have limited the youth’s ability to fully capitalize on emerging digital opportunities.
A Digital Future for Pakistan
With millions of Pakistanis already engaged in crypto, the government’s focus on regulation, education, and industry development could position the country as a major player in the global digital economy. The coming years will determine how well Pakistan adapts to blockchain technology and whether it can fully leverage its crypto potential for economic growth.
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