Pakistan appoints Binance founder Changpeng Zhao (CZ) as an advisor to its Crypto Council. This is a significant step.

Crypto in Pakistan

     Pakistan aims to create a thriving crypto ecosystem that can foster economic growth and innovation, and to kickstart this, it requires an experienced individual. CZ is a leading expert in this field. He will assist in shaping the crypto infrastructure in Pakistan, while promoting crypto awareness and education. With CZ's support, Pakistan could build a crypto-friendly regulatory framework.

CZ's Return to the Cryptoverse

     Due to the Biden administration, CZ had to distance himself from the crypto industry and the US courts. However, he has now found an opportunity to return to doing what he enjoys, following a call from a government. China also has considerable influence in Pakistan, making CZ’s Chinese roots an advantage in this scenario.

Economic Necessity?

     Regardless of what crypto analysts may say, my DYOR suggests that this is an economic necessity for Pakistan. The country’s economy is in a precarious situation. Recently, oil, gas, and gold reserves have been discovered, but no mining companies have shown interest, largely due to the risks posed by jihadist organisations and rampant corruption. The estimated losses outweigh potential profits. As a result, blockchain-based crypto economics are being adopted out of necessity.

Originally published on Wubits