The Crypto Council of Pakistan (PCC) was officially launched on Friday to “regulate and integrate blockchain technology and digital assets” in the country’s financial panorama.
According to a press release from the Finance Division, the PCC is an initiative supported by the Government aimed at regulating, promoting and integrating innovations of blockchain and cryptocurrencies into the country’s financial and economic framework.
On February 25, after a meeting between the Minister of Finance, Muhammad Aurengzeb, and a foreign delegation, the Ministry of Finance announced that it was considering “establishing a National Crypto Council” to adopt emerging digital currencies in line with global trends.
Earlier this month, the Federal Government appointed Bin Saqib Billal businessman as the main advisor of the Minister of Finance of the Council. The Finance Division described the appointment of Saqib “a significant step” in Pakistan that covers digital currencies and evaluates its impact on the national economy.
According to the press release, the launch of the Council marks a “significant step in the country’s efforts to regulate and integrate Blockchain technology and digital assets into its financial landscape.”
“The Council is ready to play a fundamental role in the formulation of policies, promote innovation and guarantee a safe and vision of future approach for cryptographic adoption in Pakistan,” said the Finance Division.
The statement added that the Minister of Finance would preside over the Crypto Council, while Saqib would act as CEO. The members of the immediate Board would include the Governor of the State Bank of Pakistan, the president of the Bag and Securities Commission (SECP) and the Federal Law and the secretaries of IT.
“This diverse leadership structure guarantees that regulatory supervision, financial stability, legal frameworks and technological advances to support the cryptographic ecosystem of Pakistan are gathered,” reads the statement.
“The world is quickly moving towards digital finances, and Pakistan wishes to be a leader in space,” Aurangzeb said at the launch of the Council. “The establishment of the Crypto Council of Pakistan is a step to adopt innovation while guaranteeing that we believe a regulatory framework that protects investors and the financial system.
“We are committed to promoting a responsible and progressive cryptographic ecosystem that can contribute to Pakistan’s economic growth,” added the Minister of Finance.
The CEO of Crypto Council, Saqib, said: “This advice is not just about regulations; It is about creating an ecosystem where Blockchain and Digital Finance can prosper. Our goal is to ensure that Pakistan becomes a competitive player in the global digital economy while prioritizing security, transparency and innovation.
“By gathering key stakeholders, our goal is to achieve a balance between the formulation of progressive policies and the promotion of an environment where entrepreneurs and companies can confirm with confidence the potential of blockchain technology,” he said.
The press release described the next steps of the Council, which would prioritize “establish clear regulatory guidelines to facilitate cryptographic adoption; commit to international cryptographic organizations and blockchain to guarantee best practices; and promote responsible innovation closely working with key actors in the industry, including new Fintech companies, investors and blockchain developers.”
The Council would also protect consumers and maintain financial security through solid legal frameworks and compliance, read in the statement.
