Key Takeaways
- Pakistan is drafting regulations for Bitcoin trading and mining.
- Officials see Bitcoin as a key sector for economic growth.
- Pakistan aims to compete with Dubai and Singapore in Bitcoin adoption.
After years of restrictions, Pakistan is making a major shift by exploring regulations for Bitcoin and digital assets.
The government has formed a crypto council and is working on a legal framework to position itself as a global Bitcoin-friendly destination.
Embracing Bitcoin
Bilal Bin Saqib, CEO of the Pakistan Crypto Council and the newly appointed chief advisor on digital assets, told Bloomberg TV that the country is ready to embrace Bitcoin.
Saqib said:
Pakistan is done sitting on the sidelines. We want to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30.
Focus areas of the proposed framework
The proposed framework focuses on three key areas: Bitcoin mining, tokenization, and trading.
The government sees these as high-potential growth sectors, given Pakistan’s young, tech-savvy workforce and its expanding fintech industry.
Growing adoption and economic opportunities
Pakistan’s push for Bitcoin regulation comes amid growing adoption worldwide.
During the last market boom, the country processed $30 billion in remittances and $20 billion in Bitcoin transactions despite an unclear legal framework.
Competing for regional leadership
With neighboring India delaying its crypto regulations, Pakistan aims to position itself as a regional leader, competing with hubs like Dubai, Singapore, and Hong Kong.
Officials hope regulatory clarity will attract foreign investment and unlock new economic opportunities.
