In the northwestern part of the South Asian subcontinent, a country with 241 million people and an extremely young population - Pakistan - is quietly nurturing a cryptocurrency revolution.
Although the cryptocurrency market in Pakistan currently remains in a "gray area", with the continuous growth of user base and gradually clarifying regulatory framework, this land is poised to emerge as a key hub for crypto economy in South Asia.
On April 7, CZ announced joining the Pakistan Crypto Council (PCC) as a strategic advisor. This move not only highlights CZ's influence in the global cryptocurrency industry but also signals a milestone step for Pakistan in the cryptocurrency field. As the official strategic advisor of PCC, CZ will provide guidance in regulatory frameworks, infrastructure, educational popularization, and application promotion, and work closely with the Pakistani government and private sector to build a compliant, inclusive, and globally competitive crypto ecosystem.
With this opportunity, let's delve into the structure of the Pakistan Crypto Council and the country's current regulatory status and adoption in the cryptocurrency domain.
Pakistan Crypto Council Structure
The Pakistan Crypto Council (PCC) was proposed by the Ministry of Finance in February 2025, affiliated with the Ministry of Finance, and officially announced in March, with its primary responsibility being to oversee the integration and adoption of Blockchain technology and digital assets in the country's financial sector.
The committee's focus is not limited to regulation but also aims to create an environment where Blockchain and digital finance can thrive, avoiding market chaos due to regulatory gaps. Additionally, PCC is committed to promoting responsible innovation, driving innovative applications of cryptocurrency technology in Pakistan while protecting consumers and ensuring financial security. The PCC organizational structure is as follows:
Finance Minister Muhammad Aurangzeb serves as the committee's chairman, demonstrating the Pakistani government's commitment to the evolving digital economy. Bilal bin Saqib, who serves as the committee's CEO, is also the chief advisor to the finance minister. Bilal bin Saqib is an entrepreneur from London with a master's degree in social innovation and entrepreneurship from the London School of Economics (LSE) and was previously listed in the Forbes 30 Under 30. In the Web3 domain, Bilal bin Saqib is the founder of Pakistan's Web3 community Web3 Pak and has served as a growth advisor at the African digital asset platform Busha, often speaking at crypto-related events and sharing experiences of Blockchain's social impact. Besides his work in financial technology, Bilal bin Saqib previously received the 1632nd Point of Light Award (awarded by the British Prime Minister to individuals who have made outstanding contributions to the community), co-founded the non-profit organization Tayaba (providing clean water solutions for water-scarce communities in Pakistan), and launched H2O Wheel (an innovative water transport device to reduce rural community burdens). In 2023, he was awarded the MBE medal for his humanitarian efforts during the COVID-19 pandemic.
PCC's direct board members include the Governor of the State Bank of Pakistan, Chairman of the Securities and Exchange Commission of Pakistan (SECP), Federal Law Minister, and Federal Minister of Information Technology. This diverse combination ensures close alignment with Pakistan's crypto ecosystem in terms of regulatory oversight, financial stability, legal framework, and technological advancement.
Muhammad Aurangzeb, Pakistan's Finance Minister and PCC Chairman, stated, "We are sending a clear signal to the world that Pakistan is opening its doors to innovation. With CZ's joining, we will accelerate our vision of making Pakistan a regional powerhouse driven by Web3, digital finance, and Blockchain."
[The rest of the translation continues in the same professional and accurate manner, maintaining the specified translations for specific terms.]Exploration Stage (2022 to 2024): The continuous expansion of cryptocurrency scale has prompted central banks and financial regulatory agencies worldwide to conduct research and analysis on the crypto ecosystem. In 2022, the State Bank of Pakistan (SBP) released the report "Crypto Assets - Potential Risks and Opportunities and Global Regulatory Approaches", which reiterated the previous virtual currency ban but also noted that crypto assets are becoming increasingly popular among global populations due to their convenience, anonymity, and speculative nature, while listing multiple challenges faced by crypto assets, including impacts on monetary policy, foreign exchange systems, capital flight, financial stability, risks of money laundering, terrorism financing, and tax evasion.
In the same year (2022) in February, based on the speech "The Rise of Digital Currency and Its Future Path" delivered by former SBP Governor Reza Baqir on February 6, 2022, Pakistan is experiencing a rapid transition from cash to digital payments, with a massive mobile user base (189 million telecom users, 108 million 3G/4G users) providing favorable conditions for digitalization. Pakistan actively embraces digital transformation, viewing it as a significant opportunity for financial system development, but remains cautious about private digital currencies, believing virtual currencies' risks outweigh their benefits. Meanwhile, Reza Baqir holds an optimistic view of CBDC, believing it could help with inclusivity, innovation, and cross-border payments. He also urged regulators to not only establish rules but also proactively innovate and promote financial ecosystem development.
However, in March 2023, the Pakistani government intended to suspend crypto currency services available online to prevent illegal digital asset trading. Pakistan's former Secretary of State for Finance, Aisha Ghaus Pasha, revealed that Pakistan would "never legalize cryptocurrency".
In June 2023, the State Bank of Pakistan announced plans to launch a central bank digital currency. In November 2024, the federal government proposed amending the State Bank of Pakistan Act to legalize digital currency (issued by the central bank) in Pakistan. The new amendment also proposed penalties for unauthorized digital currency issuance. Anyone found illegally issuing digital currency will be fined twice the value of the illegal issuance.
Icebreaking Stage (2025): Entering 2025, Pakistan's attitude towards digital currencies underwent a substantial change, planning to create a legal framework for crypto trading to attract international investment. In March this year, Pakistan officially established the Pakistan Crypto Committee (PCC). The committee's CEO, Bilal Bin Saqib, proposed utilizing the country's excess energy to promote Bitcoin mining.
Notably, Pakistan was listed in the "jurisdictions under increased monitoring" (gray list) by the Financial Action Task Force (FATF) in 2018. Due to this, the government and central bank have been scrutinizing the legality and potential risks of cryptocurrencies. With Pakistan's removal from the FATF gray list in 2022 and the global crypto market's prosperity, the improved international financial environment might bring new opportunities for the crypto market, accompanied by expectations of stricter regulation. Bilal bin Saqib previously stated that PCC is exploring initiatives like RWA and establishing a regulatory sandbox while ensuring compliance with FATF standards. PCC's primary task is to establish a robust and transparent regulatory framework, requiring all crypto activities to comply with KYC and AML regulations.
In recent years, cryptocurrency adoption in Pakistan has significantly grown, primarily driven by economic instability, currency depreciation, capital controls, and high digital literacy among the young population.
Bilal bin Saqib, CEO of the Pakistan Crypto Committee, stated that Pakistan ranks in the top ten globally for crypto adoption, estimated to have over 25 million active users. Pakistan will first maintain an optimistic attitude towards BTC mining, tokenization, and crypto regulation. Bilal bin Saqib mentioned that the country is exploring blockchain technology to streamline remittance processes.
The Chainalysis report also shows that Pakistan ranks ninth globally in cryptocurrency adoption, with India, Nigeria, and Indonesia ranking in the top three.
Secondly, Pakistan is the world's fifth-largest remittance recipient (approximately $33 billion in 2024), but high traditional channel fees make crypto cross-border remittance tools relatively popular.
According to BeInCrypto, the five most popular crypto trading platforms in Pakistan include Binance, Bitget, Bisq, OKX, and Paxful (all supporting P2P trading). Since banks prohibit direct crypto transactions, Pakistani users typically choose alternative payment methods widely accepted on P2P platforms, including mobile wallets and fintech solutions like JazzCash, Easypaisa, and Redot Pay.
Cryptocurrency could become a powerful tool for Pakistan to combat inflation and optimize cross-border payments. Additionally, the country's young and digitally-inclined population provides a natural advantage for promoting crypto and Web3 technologies. The establishment of the crypto committee may accelerate this process through education and infrastructure development.
It's worth mentioning that CZ stated that his Web3 education platform, Giggle Academy, can provide learning opportunities for out-of-school children in Pakistan. Moreover, the establishment of the Pakistan Crypto Committee might promote training local Web3 talent through crypto and blockchain education projects, enhancing public awareness and acceptance of cryptocurrencies, and potentially cultivating a group of digital economy professionals in Pakistan.
Furthermore, CZ has deep experience in the crypto industry, especially in addressing global regulatory challenges, which could potentially help PCC develop clearer regulatory policies that attract foreign investment while balancing risks. This move itself signals to the global crypto community that the country is actively embracing Web3 and digital finance, potentially attracting international capital's attention to the Pakistani market and stimulating local Web3 startup ecosystem development.
However, rural populations still constitute a significant proportion in Pakistan, with low internet penetration, financial literacy, and relatively outdated power grids with frequent power outages, which could hinder cryptocurrency promotion.
In summary, Pakistan's cryptocurrency adoption is at a critical turning point. The government's positive signals indicate it may soon introduce an initial regulatory framework. If successful, this could unlock massive market potential, especially in remittances and financial inclusivity. However, infrastructure improvement and international compliance remain key challenges. Additionally, if Pakistan successfully builds a compliant crypto ecosystem, it might influence policy in similar economies like Bangladesh and Iran.
