Pakistan has introduced a new cryptocurrency regulation framework to capitalize on the rising global significance of digital assets. Recognizing Pakistan’s progressive measures toward cryptocurrency and blockchain technology, New York-based media platform Coin Telegraph Magazine commended the country for initiating strategic Bitcoin reserves and robust crypto governance plans.
Minister of State and CEO of Pakistan Crypto Council, Bilal Bin Saqib, announced that Bitcoin assets already present in Pakistan would officially become part of the national strategic reserves. According to Bin Saqib, this development marks a crucial milestone towards achieving financial stability in the country.
Coin Telegraph Magazine’s report also highlighted collaborative efforts by the Ministry of Finance, State Bank of Pakistan (SBP), and Securities and Exchange Commission of Pakistan (SECP) to develop a strong and comprehensive cryptocurrency infrastructure. The framework aims to provide clear regulatory guidance, encouraging safe and transparent crypto asset transactions within Pakistan’s financial systems.
Bilal Bin Saqib further explained that Pakistan would generate revenue using its Bitcoin reserves through decentralized finance (DeFi). DeFi protocols enable financial transactions, including lending and borrowing, without the involvement of traditional banking channels, thus simplifying and facilitating financial activities across the country.
In a significant move towards global cooperation and expertise, Bin Saqib recently met with Michael Saylor, founder and Executive Chairman of MicroStrategy. During their discussions, the possibility of Saylor serving as an advisor for Pakistan’s strategic Bitcoin reserve was explored, indicating increased international interest in Pakistan’s digital asset initiatives.
The report emphasized that Pakistan’s swift strides in cryptocurrency adoption propelled the country to ninth place in the global cryptocurrency adoption index, highlighting its growth and active engagement within the global crypto economy.
