Pakistan is in the works of legalizing Bitcoin and crypto as well as implementing a regulatory framework in order to attract foreign investment and increase adoption. On Friday March 22, The Pakistan Crypto Council (PCC) held a meeting under the chairmanship of the Federal Finance and Revenue Minister Senator Muhammad Aurangzeb which focused Pakistan's untapped potential in the crypto space. CEO of Pakistan's Crypto Council and Chief Advisor to Finance Minister, Bilal Bin Saqib, presented a comprehensive vision and mission for the council that emphasized the importance of regulatory models and uses cases that could be tailored to Pakistan's unique context. He also presented to concept of leveraging Pakistan's surplus electricity for Bitcoin mining, potentially turning the country's liabilities into assets.
Senator Aurangzeb had this to say about the meeting: "This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies."
Likewise, Saqib told Bloomberg,“ Pakistan is done sitting on the sidelines [regarding Bitcoin and crypto]. We want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30. Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit.”
That said, it should be no surprise that Pakistan sought to regulate crypto as legal tender on November 4, 2024, the same day as the US election.
According to Chainanalysis, Pakistan was ranked 9th globally in their crypto adoption index. Pakistan's economy is ranked the 24th largest globally based on GDP using purchasing power parity (1.618 trillion), and 43rd in terms of nominal GDP (393.1 billion). Arab News reported in 2021, that Pakistanis owned $20billion in cryptocurrencies.
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