- Crypto Trading remains popular in Pakistan despite the Central Bank warnings.
- Pakistan ranks ninth in the world in terms of the adoption of cryptography, the report explains.
- “We want to attract international investments,” says Pakistan Crypto Council CEO.
Karachi: In order to attract international investment, Pakistan plans to create a legal framework for the cryptocurrency trade, reported Bloomberg.
In an interview Bloomberg TVBilal Bin Saqib, Managing Director of Pakistan Crypto Council, said that the country was aimed at designing a clear regulatory framework to govern digital asset activities to stimulate the local ecosystem.
Trading Crypto is already popular in the South Asian nation – the fifth largest in the world by the population – despite the Central Bank’s warnings on the risks posed by the industry.
Pakistan ranks ninth in the world in terms of the adoption of cryptography, according to Chainalysis. There are about 15 to 20 million crypto users in Pakistan, Saqib said in the interview.
“Pakistan has finished sitting on the sidelines,” said Saqib. “We want to attract international investments because Pakistan is a high cost market with 60% of the population under the age of 30. We have an indigenous web3 workforce ready to build. ”
The legalization plan comes after the appointment of SAQIB as chief advisor to the Minister of Finance for the Management of Digital Assets at the beginning of the month. He will also advise to explore the use of artificial intelligence to improve government efficiency, optimize decision -making processes and stimulate innovation in public sector operations, according to the Bloomberg report.
The legislators of some of the main digital asset markets in Asia warm up in industry, stimulated by the Pro-Crypto Agenda in Donald Trump in the United States.
“Trump makes crypto a national priority and each country, including Pakistan, will have to follow suit,” said SAQIB.