In March, the CEO of Pakistan’s Crypto Council, Bilal bin Saqib, told Bloomberg that the country plans to develop a clear regulatory framework for digital assets.“Pakistan is done sitting on the sidelines,” Saqib said.“We want to attract international investment because Pakistan is a low-cost high-growth market with [...] a Web3 native workforce ready to build.”Related: Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain techCrypto in Pakistan: Adoption and pain-pointsPakistan has long been considered a potential hub for crypto adoption due to its growing population, large diaspora and thriving black market for foreign exchange trades. The value of cash sent to Pakistan through formal remittance channels surged at the end of last year amid a countrywide crackdown on black market dollar trades.“This increase might be because remittances that had previously been sent using the black market are now being sent via official channels,” John Ashbourne, an economist at Fitch Solutions, told Bloomberg. Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, largely due to strong retail adoption and transactions at centralized services.
Former Binance CEO Changpeng “CZ” Zhao has been appointed as an adviser to Pakistan’s Crypto Council, a newly formed regulatory body tasked with overseeing the country’s embrace of blockchain technology and digital assets. The appointment was confirmed by Pakistan’s finance ministry and reported by Bloomberg on April 7.
He was later sentenced to four months in prison. For Pakistan, Zhao is a high-profile appointment that could potentially help the country lure foreign investment in an industry that has taken on new strategic importance.
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