Pakistan Crypto Council (CPC) was officially launched on Friday to “regulate and integrate blockchain technology and digital assets” in the country’s financial landscape.
According to a press release from the Finance Division, the CPC is an initiative supported by the government aimed at regulating, promoting and integrating the innovations of blockchain and cryptocurrency in the country’s financial and economic framework.
On February 25, following a meeting between the Minister of Finance Muhammad Aurangzeb and a foreign delegation, the Ministry of Finance announced that it was considering “creating a National Crypto Council” to adopt emerging digital currencies in accordance with global trends.
Earlier this month, the federal government appointed the entrepreneur Bilal Bin Saqib as chief advisor to the Minister of Finance of the Council. The financial division qualified the appointment of SAQIB “a significant step” in Pakistan by adopting digital currencies and by assessing their impact on the national economy.
According to the press release, the Launch of the Council marks an “important step in the country’s efforts to regulate and integrate blockchain technology and digital assets in its financial landscape”.
“The Council should play a central role in the formulation of policies, the promotion of innovation and the guarantee of a safe and avant-garde approach to the adoption of cryptography in Pakistan,” said the finance division.
The press release added that the Minister of Finance would chair the Crypto Council, while SAQIB would act as CEO. Immediate members of the Board of Directors would include the Governor of the State Bank of Pakistan, the president of the Securities and Exchange Commission (SECP) and the federal law and the IT secretaries.
“This diversified leadership structure guarantees that regulatory monitoring, financial stability, legal frameworks and technological progress are brought together to support the cryptographic ecosystem of Pakistan,” the press release said.
“The world moves quickly to digital finance, and Pakistan wishes to be a space leader,” said Aurangzeb at the launch of the board. “The establishment of Pakistan Crypto Council is a step towards the adoption of innovation while ensuring that we create a regulatory framework that protects investors and the financial system.
“We are committed to promoting a responsible and progressive cryptography ecosystem which can contribute to the economic growth of Pakistan,” added the Minister of Finance.
The CEO of Crypto Council, SAQIB, said: “This council does not only concern regulations; It is a question of creating an ecosystem where blockchain and digital finance can prosper. Our goal is to guarantee that Pakistan becomes a competitive player in the global digital economy while prioritizing security, transparency and innovation.
“By bringing together the main stakeholders, we aim to find a balance between the development of progressive policies and the promotion of an environment where entrepreneurs and businesses can explore with confidence the potential of blockchain technology,” he said.
The press release described the next stages of the Council, which would favor “the establishment of clear regulatory guidelines to facilitate the adoption of the crypto; Commit with international crypto and blockchain organizations to ensure best practices; And encourage responsible innovation by working in close collaboration with the main players in the industry, including fintech startups, investors and blockchain developers ”.
The Council would also protect consumers and maintain financial security thanks to solid legal and compliance executives, the press release said.
