The Finance Ministry of Pakistan is considering the establishment of a “National Crypto Council” to explore legalizing cryptocurrencies, following discussions with a foreign delegation. This council will comprise government officials and industry experts to develop policies and address regulatory challenges. With significant public interest and user engagement, the move seeks to align with global trends while ensuring regulatory compliance and protection against illicit activities.
The Finance Ministry of Pakistan is contemplating the formation of a “National Crypto Council” aimed at considering the legalization of cryptocurrencies within the nation. This shift in perspective follows a meeting between Finance Minister Muhammad Aurangzeb and a foreign delegation that included advisors formerly associated with U.S. President Donald Trump.
The proposed crypto council is expected to consist of vital government officials, regulatory bodies, and industry experts. Its primary responsibilities will include guiding policy development, addressing regulatory concerns, and ensuring a secure and sustainable evolution of Pakistan’s cryptocurrency landscape.
With over 20 million Pakistanis participating in cryptocurrency, the community faces notable difficulties such as high transaction fees. Minister Aurangzeb has urged stakeholders to develop a framework that would foster economic viability and regulatory compliance, while simultaneously combating financial crimes and illicit activities.
Pakistan’s initial move towards cryptocurrency legalization aligns with global trends, as various countries including the United States, Europe, and the United Arab Emirates have started implementing industry regulations to enhance innovation and consumer protection. Previously, the Finance Ministry and State Bank of Pakistan had opposed cryptocurrencies.
Finance Minister Aurangzeb has now encouraged a more open-minded approach towards cryptocurrency’s legalization and regulation. Notably, in November 2024, the State Bank of Pakistan released proposals designed to facilitate a central bank digital currency (CBDC) and the trading of cryptocurrencies.
The foreign delegation that met with Minister Aurangzeb included Gentry Beach Jr., a business associate of President Trump; Nikita Goldsmith, a technology entrepreneur; Alex Malkov, a blockchain consultant; and Jerad Finck, CEO of Cosmic Wire. This meeting remained undisclosed by the U.S. Embassy.
During the Trump administration, efforts were made to adopt a more favorable tone concerning cryptocurrencies, including restructuring the crypto division within the U.S. Securities and Exchange Commission. The administration also initiated a committee to assess the feasibility of establishing a national digital asset stockpile. President Trump had publicly addressed the crypto community positively during his campaign.
Pakistan is actively pursuing the formation of a National Crypto Council to explore the legalization and regulation of cryptocurrencies. This represents a significant shift from previous resistance seen from the Finance Ministry and the State Bank. The initiative aims to support a robust cryptocurrency ecosystem while ensuring compliance with financial regulations. The approach reflects a global trend towards accepting digital currencies, and Pakistan’s evolving stance may lead to enhanced protections and innovations in the burgeoning crypto sector.
Original Source: cointelegraph.com
