Pakistan to Recognize Cryptocurrency as a Strategic Asset : Announces Finance Ministry Adviser
ISLAMABAD – In a groundbreaking move, Pakistan is set to recognize cryptocurrency as a "strategic asset" to drive a "digital financial revolution", according to an adviser to the Finance Minister. This initiative aims to position Pakistan as a global leader in the rapidly evolving digital economy.
The "Finance Division" recently revealed plans to establish a "National Crypto Council", tasked with creating a secure and transparent financial ecosystem for digital asset investments. This council will focus on developing comprehensive regulatory frameworks, ensuring compliance, and fostering innovation in the crypto space.
Bilal bin Saqib, a Forbes-recognized entrepreneur and Web3 investor, has been appointed as the "Chief Adviser to the Finance Minister" for the Pakistan Crypto Council. Saqib highlighted Pakistan’s strong position as one of the "top 10 countries globally in crypto adoption". He stated, “Our priority is to recognize crypto as a strategic asset, develop forward-thinking regulations, and ensure Pakistan becomes a leader in the digital financial revolution.”
Despite the State Bank of Pakistan’s previous ban on virtual currencies like Bitcoin, Litecoin, and others, the country now has over "20 million active users" in the digital asset market. However, challenges such as high transaction fees and regulatory uncertainty remain.
Saqib also pointed to the United States’ recent establishment of a "Bitcoin Strategic Reserve" as a historic move, signaling a global shift toward digital assets as stores of value. He emphasized that this development could accelerate institutional adoption and strengthen the foundation of the global digital economy.