Crypto-friendly country, Pakistan has justappointed Binance’s founder Changpeng Zhao (CZ) as its strategic crypto advisor amid heightened interest in crypto adoption.
The move, which targets building a clear regulatory framework for digital assets within Pakistan, signals increasing crypto interests among nations including Singapore, Dubai and others as they continue to position themselves as Web3-ready nations while exploring ways to incorporate crypto into their financial systems.
Binance’s CZ joins Pakistan crypto council
In response to Pakistan’s call to explore more crypto innovation,Binance’s CZ has officially emerged as the Strategic Advisor to the Pakistan Crypto Council (PCC), a regulatory body that oversees and promotes blockchain technology within the country.
According to the report, the appointment was made during a meeting that was chaired by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Monday.
The meeting also saw key government stakeholders, including the Chairman of the Securities and Exchange Commission of Pakistan, the Governor of the State Bank of Pakistan, and the Federal Secretaries for Law and IT, in attendance.
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While the country has set its sights on crypto innovations and foreign investments involving digital assets, it has invited Zhao, a prominent figure in the crypto industry to guide its crypto endeavors.
As such, the appointment demands that Zhao will advise the Pakistan crypto council, which was established in March, on cryptocurrency regulation, infrastructure, adoption, education and more.
Following Zhao’s reputation as the pioneer behind the building of the world’s largest crypto exchange, Binance, the country has chosen him to work closely with the Government ofPakistan and the private sector to create a compliant, inclusive, and globally competitive crypto ecosystem.
Former anti-crypto country embraces crypto innovation
Pakistan’s commitment to building a crypto ecosystem within its nation marks an ultra change in stance as the country has formerly made moves to haltcrypto operations among its citizens.
In early 2022, authorities within the country had proposed a ban on digital assets after declaring cryptocurrencies illegal and penalizing crypto exchanges that were operating in the region.
At the time, the country had made critical investigations against Binance following malicious accusations against the leading cryptocurrency exchange.
As such, the surprising turn of events which saw Pakistan embracing crypto innovations showcase increased confidence in crypto’s ability to facilitate foreign investment while also boosting local innovation.
It appears that crumbling economies have fulled the public’s demand for alternative assets which has triggered national authorities into reconsidering regulatory restrictions on cryptocurrencies.