Pakistan Considers Legalizing Crypto to Boost Economic Growth
Pakistan is moving to create a clear regulatory framework for cryptocurrency trading, aiming to attract international investment and boost economic growth.
In a bold shift from previous caution, the country is working to formalize digital-asset activities.
Bilal bin Saqib, CEO of the Pakistan Crypto Council and the newly appointed chief advisor to the finance minister for digital assets, told Bloomberg recently that this initiative is a necessary step toward unlocking Pakistan’s vast potential.
“Pakistan is done sitting on the sidelines,” Saqib declared. “We want to attract international investment because Pakistan is a low-cost high-growth market with 60% of the population under 30. We have a Web3 native workforce ready to build.”
High Crypto Engagement Fuels Pakistan’s Push for Legalization
Crypto trading has already made significant inroads in Pakistan. The nation now ranks ninth globally in crypto adoption. Even though the central bank has issued warnings about digital asset risks, an estimated 15m to 20m people are actively trading.
Much of this momentum comes from a young, tech-savvy population eager to explore new economic opportunities. Their enthusiasm is driving Pakistan’s push for crypto legalization.
The legalization initiative comes at a time when global interest in digital assets is surging.
US Crypto Enthusiasm Drives Pakistan to Align With International Financial Standards
Under President Donald Trump, the US adopted a more pro-crypto stance, which resonated with markets around the world. “Trump is making crypto a national priority and every country including Pakistan will have to follow suit,” Saqib told the outlet.
This international shift has encouraged Pakistan to align itself with global financial standards and seize the opportunity to be at the forefront of the digital economy.
Last month, Pakistan established a National Crypto Council to regulate digital assets, marking a definitive policy turnaround. This council will serve as a watchdog for the industry, ensuring that the burgeoning crypto market operates within a framework that safeguards investors while fostering innovation. The council’s creation underscores the government’s determination to integrate digital finance into its broader economic strategy.