Pakistan has officially launched the Pakistan Crypto Council (PCC), a government-backed initiative aimed at regulating and incorporating blockchain technology and digital assets into the country’s financial system.

The initiative is designed to provide a structured regulatory framework for blockchain and cryptocurrency-related activities, ensuring financial stability, legal oversight, and technological progress.

Pakistan Crypto Council Established to Regulate Digital Assets

The announcement follows the recent appointment of entrepreneur Bilal bin Saqib as Chief Advisor to the Finance Minister for digital asset management.

The Pakistan Crypto Council will operate under the leadership of Finance Minister Muhammad Aurangzeb, with a board comprising key regulatory and financial authorities, including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Law Secretary, and the Federal IT Secretary.

The establishment of the Pakistan Crypto Council marks a notable departure from Pakistan’s previous stance on digital assets, which had raised concerns about their potential misuse in illicit activities, including terror financing.

Government Shifts Stance on Cryptocurrency Adoption

The decision to form the council follows discussions between Finance Minister Muhammad Aurangzeb and international stakeholders on February 25, where the possibility of creating a national crypto regulatory body was explored. The government has since emphasized the importance of embracing digital assets to remain competitive in the evolving global financial landscape.

Bilal bin Saqib’s appointment has been described by the Finance Division as a pivotal step toward integrating blockchain innovations into Pakistan’s economy. His role will focus on advising policymakers on regulatory strategies and assessing the impact of digital currencies on the national financial system.

With the White House recently endorsing a Strategic Bitcoin Reserve, Pakistan’s latest move signals an effort to align with global advancements in cryptocurrency regulation and digital finance. By establishing the PCC, the country aims to create a balanced regulatory environment that fosters innovation while mitigating associated risks.