The inaugural meeting of the Pakistan Crypto Council on Friday focused on the country’s untapped potential in the crypto space, with participants stressing on the need for regulatory clarity to unlock the sector’s full potential.
Held under the chairmanship of Finance Minister Muhammad Aurangzeb, the meeting included the participation of CEO Bilal bin Saqib, State Bank Governor Jameel Ahmed, the chairman of the Securities and Exchange Commission, and the federal I.T. and law secretaries.
During the meeting, Saqib presented a comprehensive vision and mission for the Council, highlighting the current state of Pakistan’s crypto landscape and shedding light on challenges and barriers to the widespread adoption of cryptocurrencies. He emphasized the importance of regulatory models and use cases, particularly of the region, that can be reshaped for Pakistan’s unique context. He also presented the concept of leveraging Pakistan’s surplus electricity for Bitcoin mining, potentially turning the country’s liabilities into assets.
Aurangzeb praised Saqib’s vision and underscored the critical role of the Council in shaping Pakistan’s future in the digital asset space. He emphasized that the Pakistan Crypto Council would serve as an umbrella platform, uniting all relevant stakeholders and regulatory bodies to work collaboratively toward a comprehensive, responsible, and forward-looking crypto regulatory framework.
“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies,” he said.
The minister emphasized that while Pakistan could learn from global best practices, the country must ensure that its business and revenue models are firmly rooted in local realities. He also pointed out the need to build on the existing work done by various entities and groups, leveraging their knowledge and experience.
The members of the Council reaffirmed the need for a well-defined regulatory framework, legislation, and licensing regimes. They emphasized the importance of consumer protection, blockchain mining, and a national blockchain policy. The importance of sequencing the rollout, running pilot programs, and ensuring adherence to international obligations also came under discussion.
The meeting concluded with a shared commitment to carefully charting a path forward, ensuring Pakistan fully taps into the potential of blockchain and cryptocurrencies while safeguarding the country’s economic interests.