- Pakistan plans a pro-business regulatory framework to position itself as a leader in blockchain finance.
- CEO Bilal Bin Saqib emphasizes Pakistan’s young, Web3-native workforce as an advantage in attracting international investors.
- Blockchain adoption could significantly reduce cross-border payment fees in developing nations like Pakistan and Nigeria.
Pakistan is preparing to establish a legal framework for cryptocurrency, with the goal of becoming a hub for blockchain-based finance and attracting foreign investment. This move is part of the country’s broader effort to integrate cryptocurrency regulations into its financial system.
Pakistan Sets Sights on Crypto Regulations to Boost Investment
Saqib, who was recently appointed as the chief adviser to Pakistan’s finance minister on cryptocurrency matters, explained that the nation is eager to capitalize on the burgeoning blockchain sector.
“We want Pakistan to be at the forefront of blockchain-powered finance,” Saqib told Bloomberg on March 20. He noted that a large portion of Pakistan’s population is young, with 60% under the age of 30, and this demographic is already well-versed in Web3 technologies, positioning Pakistan to play a crucial role in the global blockchain landscape.
Last year, blockchain analytics firm Chainalysis ranked Pakistan ninth globally for crypto adoption. According to Saqib, there are approximately 20 million crypto users in the country, underscoring the growing interest in digital currencies. Pakistan’s government views this as an opportunity to enhance its financial infrastructure and attract global investment by developing a supportive legal framework.
Blockchain’s Potential for Developing Economies
Saqib also pointed out the importance of blockchain for emerging economies, citing Nigeria alongside Pakistan. He explained that blockchain can help reduce the reliance on traditional banking systems, particularly for cross-border payments. The integration of blockchain technology into remittance systems could help lower fees, which currently range between 5% and 9%, and create more efficient, seamless payment networks.
This regulatory shift comes as the global cryptocurrency market gains momentum, with countries like the U.S. taking significant steps to prioritize digital currencies. Saqib drew attention to U.S. President Donald Trump’s initiatives to create a Bitcoin reserve, stating that countries must embrace the trend or risk falling behind in the global financial race.
