Pakistan’s Finance Ministry is planning to form a National Crypto Council to consider the legalization of cryptocurrencies, addressing regulatory challenges and overseeing policy development. This initiative aligns with global trends as countries seek to enhance the regulation of crypto assets. The approach represents a significant policy shift following years of opposition from the government.
The Finance Ministry of Pakistan is considering the establishment of a National Crypto Council to examine the legalization of cryptocurrencies. This shift in stance follows a meeting between Finance Minister Muhammad Aurangzeb and a foreign delegation consisting of advisors associated with former U.S. President Donald Trump. The proposed council will include key government officials, regulatory bodies, and industry experts to develop policies, tackle regulatory issues, and ensure a secure evolution of Pakistan’s crypto ecosystem.
Presently, over 20 million Pakistani citizens engage in cryptocurrency, yet they encounter challenges such as elevated transaction fees. Mr. Aurangzeb has urged the stakeholders to implement a framework that guarantees economic viability and compliance with regulations while safeguarding against financial crimes. This initial step toward legalizing cryptocurrency aligns Pakistan with a global trend where countries like the U.S. and Europe are improving industry regulation to foster innovation and enhance consumer protection.
Historically, the Finance Ministry and State Bank of Pakistan opposed cryptocurrencies, with Aisha Ghaus Pasha, a former Pakistani Minister of State for Finance, asserting that they would never gain legality. However, Minister Aurangzeb has encouraged a more open-minded approach to the potential legalization and regulation of crypto. In November 2024, the State Bank unveiled proposals conducive to introducing a central bank digital currency (CBDC) and facilitating crypto trading.
The foreign delegation meeting with Aurangzeb included notable figures such as Gentry Beach Jr. and Nikita Goldsmith, though the U.S. Embassy did not publicize their visit. The Trump administration has made efforts to refine the narrative surrounding crypto in the U.S., including appointing officials to oversee the industry and exploring the establishment of a national digital asset stockpile.
Notably, President Trump has made several pledges to the crypto community and has even launched his own memecoin, indicating a significant interest in this digital economy.
In summary, Pakistan is taking significant measures towards the potential legalization of cryptocurrency through the proposed National Crypto Council, which will consist of key stakeholders aimed at developing a robust regulatory framework. This marks a notable shift from previous governmental opposition to a more open-minded approach, reflecting a global trend towards enhanced cryptocurrency regulation and protection for consumers.
Original Source: cointelegraph.com
