- Pakistan is planning to legalize cryptocurrencies in the country.
- The country plans to boost foreign investment through crypto legalization.
Cryptocurrency adoption and regulation took a new turn with Trump’s presidency in the US. Trump signed an executive order to establish a crypto strategic reserve and even dropped lawsuits against major crypto firms. Being the leading global country, the pro-crypto stance of the US is inspiring other countries to adopt cryptocurrencies.
As per the latest Bloomberg report, Pakistan is the new country to join in the exploration of crypto regulation and adoption. It revealed that Pakistan is planning to create a legal framework for cryptocurrency trading. And, the primary motive is to attract international investment.
Pakistan to Set Up Clear Regulatory Framework for Crypto
In an interview with Bloomberg TV, the chief executive officer of the Pakistan Crypto Council, Bilal bin Saquid stated their plans regarding crypto regulation. With a clear regulatory framework, they are planning to strengthen the country’s economy. This will open doors to a flood of investment opportunities for investors, businesses, and traders in the country.
Bilal bin Saquib further stated that the country to ready to adopt digital currencies. He believes Pakistan is a fast-growing and low-cost market fit for crypto and Web3 development as the majority of the population is under 30. Bilal was recently appointed as chief advisor to the Finance Minister on digital assets.
As per the blockchain analytics platform Chainalysis report, Pakistan acquired 9th space in terms of global crypto adoption. Being one of the largest crypto markets, Pakistan would benefit from clear regulatory frameworks on digital assets. Top leaders and officials of the country are also supporting this move.
Once the country legalizes cryptocurrencies, it opens a possibility to compete with global crypto leaders such as Dubai, Singapore, and Hong Kong. It will only be a matter of time to accelerate its crypto adoption after legalization, since Pakistan already has a considerable crypto user base.
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