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Pakistan is moving toward making crypto trading legal to attract foreign investment and promote economic growth, as stressed by Pakistan Crypto Council CEO Bilal bin Saqib. The government is to establish a well-defined regulatory system to drive the development of the local crypto market and introduce blockchain technology into the economy, with the Pakistan Crypto Council having a key role in achieving regulatory certainty to facilitate business and innovation.
Despite previous warnings by the central bank, local use of cryptocurrency has gained momentum, with between 15 and 20 million Pakistanis now trading cryptocurrencies, prompting the government to reconsider. Legalizing cryptocurrency can be a huge economic windfall for Pakistan in terms of tax collection and reduced dependence on foreign borrowing, particularly with its economic troubles and IMF debt.
The shift reflects a broader global trend of crypto-friendly governance, and Pakistan hopes to position itself as a participant in the new normal by playing off its youth population familiar with Web3 technologies. The shift underscores Pakistan's efforts to leverage advances in technology to drive economic development and attract foreign investment.
