Here's a rundown of the latest crypto news and developments in Pakistan:
Recent Developments
- Pakistan is moving to regulate cryptocurrency and central bank digital currencies (CBDCs) as legal tender, with the State Bank of Pakistan (SBP) proposing amendments to its standing policy.
- The country aims to recognize crypto as a strategic asset and build strong regulatory frameworks, with over 20 million Pakistanis actively using digital assets despite previous bans ¹ ².
- A national crypto council is being established to create a secure investment ecosystem for digital assets, with Bilal bin Saqib, a Forbes-recognized entrepreneur, appointed as chief adviser to the finance minister ².
Partnerships and Initiatives
- Pakistan has signed a landmark blockchain deal with World Liberty Financial, a DeFi platform backed by US President Donald Trump, to advance blockchain innovation and increase stablecoin adoption.
- The partnership focuses on regulatory sandboxes, tokenization of assets, and DeFi growth, positioning Pakistan as a global leader in digital finance.
- Pakistan is also exploring the use of surplus electricity for Bitcoin mining, seeking global partnerships to turn wasted energy into digital assets ³ ⁴.
Market Trends
- Pakistan's cryptocurrency market is growing rapidly, with revenue expected to reach $1.6 billion by 2025 and 27.10 million users.
- The country ranks among the top 10 nations globally for crypto adoption, with a significant portion of the population invested in digital assets ⁵ ⁶.
Regulatory Landscape
- The SBP has previously deemed virtual currencies like Bitcoin and Litecoin illegal, but the government is now working towards a regulatory framework.
- The proposed amendments aim to limit illicit trading and establish penalties for non-authorized digital asset exchange facilitators ¹.$BTC $BNB