Pakistan’s Finance Ministry is considering a National Crypto Council to evaluate cryptocurrency legalization. This initiative follows discussions with a U.S. delegation and aims to create a secure regulatory framework. With millions engaged in crypto facing challenges, the move aligns Pakistan with global regulatory trends while promoting innovation and protection against fraud.
Pakistan’s Finance Ministry is contemplating the establishment of a “National Crypto Council” aimed at assessing the potential legalization of cryptocurrencies. This strategy emerged following a discussion led by Finance Minister Muhammad Aurangzeb with a foreign delegation, including advisers of former US President Donald Trump. The council will comprise government representatives, regulatory authorities, and industry experts responsible for policy development, addressing regulatory issues, and fostering a secure and sustainable crypto framework in Pakistan.
Over 20 million Pakistanis engage in cryptocurrency but encounter significant hurdles, particularly high transaction fees. Aurangzeb instructed stakeholders to formulate a framework that balances economic viability and regulatory compliance while preventing financial misconduct. This initiative aligns Pakistan with global movements toward crypto regulation, similar to actions taken by the US, Europe, and the UAE to foster innovation while enhancing consumer protection.
Historically, the Finance Ministry and the State Bank of Pakistan opposed cryptocurrencies, with former Minister Aisha Ghaus Pasha firmly stating their illegality. In contrast, Aurangzeb advocates for an open-minded approach towards cryptocurrency legalization. In November 2024, the State Bank unveiled proposals meant to facilitate a central bank digital currency (CBDC) alongside legal crypto trading.
The delegation that met Aurangzeb included Gentry Beach Jr., Nikita Goldsmith, Alex Malkov, and Jerad Finck, although the U.S. Embassy had not announced this visit. The Trump administration has recently shifted its crypto stance, revamping the SEC’s crypto division and appointing a dedicated crypto czar to explore the establishment of a national digital asset inventory. The engagement with the crypto community has been a focal point during Trump’s campaign, even resulting in the launch of a memecoin.
Pakistan’s potential move towards legalizing cryptocurrencies reflects a significant shift in governmental attitudes, echoing global trends. The formation of the National Crypto Council aims to address regulatory challenges efficiently while ensuring consumer protection and economic viability. With over 20 million participants facing barriers, the new framework could significantly impact the nation’s crypto landscape.
Original Source: cointelegraph.com
