Pakistan’s newly formed Pakistan Crypto Council (PCC), established in March to oversee blockchain and digital asset adoption, has appointed former Binance CEO Changpeng “CZ” Zhao as an adviser. The appointment was confirmed by Pakistan’s finance ministry and reported by Bloomberg on April 7. Zhao will guide the council on crypto regulation, infrastructure development, and adoption strategies.
Zhao, a major figure in the crypto world, led Binance from 2017 until his resignation in 2023 after pleading guilty to U.S. money laundering charges, for which he served four months in prison. Despite his legal troubles, Pakistan views his appointment as a strategic move to attract foreign investment and boost its emerging digital economy.
According to Bilal bin Saqib, CEO of the Pakistan Crypto Council, the country aims to create a clear regulatory framework to position itself as a low-cost, high-growth market ready for Web3 innovation.
Pakistan has shown strong potential for crypto adoption, driven by a young population, a large diaspora, and a history of black-market forex trading. A recent crackdown on unofficial dollar trades has pushed more remittance flows into formal channels. Pakistan ranks high in crypto adoption globally, especially for retail transactions and centralized services, according to Chainalysis.
Stablecoins, offering a hedge against the depreciating rupee, are becoming increasingly popular among Pakistani crypto users. Surveys from KuCoin and Bitget indicate that a significant portion of South Asian investors turn to digital assets for stability, speed, and accessibility.