Why was there a need to establish a Crypto Council in Pakistan and how beneficial will it be for the country

,Finance Minister Muhammad Aurangzeb, speaking at the first Pakistan Banking Summit, said that digital banking is booming and cryptocurrency is being used in informal markt

Cryptocurrency does not have any legal status in Pakistan, but the government now seems to be taking a lot of interest in digital currency, as evidenced by the establishment of a Crypto Council in the country.

Bilal Bin Saqib, a Web3 industry consultant and investor working in the blockchain technology of crypto trade, has been appointed as the chief advisor to Pakistan’s Finance Minister Muhammad Aurangzeb, as part of the government’s creation of a crypto council to consider and formulate proposals for legalizing cryptocurrency.

The rapid development of the cryptocurrency sector in Pakistan in the last ten days is being seen at a time when cryptocurrency business is taking place in Pakistan but it does not have any legal status.

Bilal Bin Saqib, Chief Advisor to Finance Minister Muhammad Aurangzeb, said after his appointment that Pakistan is among the 10 countries that are rapidly adopting cryptocurrency and where there is still room for further innovation in this sector.