The Pakistan Crypto Council (PCC) was officially launched on Friday to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.
According to a press release from the Finance Division, the PCC is a government-backed initiative aimed at regulating, fostering, and integrating blockchain and cryptocurrency innovations into the country’s financial and economic framework.
On February 25, following a meeting between Finance Minister Muhammad Aurangzeb and a foreign delegation, the finance ministry announced it was considering “establishing a National Crypto Council” to adopt emerging digital currencies in line with global trends.
Earlier this month, the federal government appointed entrepreneur Bilal Bin Saqib as the chief adviser to the finance minister on the council. The Finance Division called Saqib’s appointment “a significant step forward” in Pakistan embracing digital currencies and assessing their impact on the national economy.
According to the press release, the council’s launch marks a “significant step in the country’s efforts to regulate and integrate blockchain technology and digital assets into its financial landscape”.
“The council is set to play a pivotal role in formulating policies, fostering innovation, and ensuring a secure and forward-thinking approach to crypto adoption in Pakistan,” the Finance Division said.
The statement added that the finance minister would chair the Crypto Council, while Saqib would act as CEO. Immediate board members would include the governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission (SECP) and the federal law and IT secretaries.
“This diverse leadership structure ensures that regulatory oversight, financial stability, legal frameworks and technological advancements are brought together to support Pakistan’s crypto ecosystem,” the statement read.
“The world is moving rapidly toward digital finance, and Pakistan wishes to be a leader in the space,” Aurangzeb was quoted as saying at the launch of the council. “The establishment of the Pakistan Crypto Council is a step towards embracing innovation while ensuring that we create a regulatory framework that protects investors and the financial system.
“We are committed to fostering a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth,” the finance minister added.
Crypto Council CEO Saqib said, “This council is not just about regulations; it’s about creating an ecosystem where blockchain and digital finance can thrive. Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritising security, transparency, and innovation.
“By bringing together key stakeholders, we aim to strike a balance between progressive policymaking and fostering an environment where entrepreneurs and businesses can confidently explore the potential of blockchain technology,” he was quoted as saying.
The press release outlined the next steps of the council, which would prioritise “establishing clear regulatory guidelines to facilitate crypto adoption; engaging with international crypto and blockchain organisations to ensure best practices; and encouraging responsible innovation by working closely with key players in the industry, including fintech startups, investors, and blockchain developers”.
The council would also protect consumers and maintain financial security through robust legal and compliance frameworks, the release read.
Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.
