Cash-strapped, Islamabad plans to legalize cryptos to secure foreign investments
New Delhi: The Pakistan Government, struggling with its cash-strapped economy, now plans to legalize cryptocurrency to secure foreign investments, Bilal bin Saqib, the newly appointed CEO of Crypto Council, has said.
According to media reports, quoting him, Pakistan plans to legalize the move, as this can bring financial stability to the economy with integrated blockchain technology. It will also boost international trade and foreign investment, which ultimately beneficial for the economy.
Saqib said that, for years, Pakistan’s central bank, State bank of Pakistan, has been warning about cryptocurrency frauds, money laundering and financial instability. But Pakistan ranks ninth in global crypto adoption, and now it is also clear that demand for digital assets is too large to ignore.
With millions of crypto users already active in the Islamic country, this move could position Pakistan as a rising player in the global blockchain and Web3 ecosystem, he added
Saqib explained that several factors have contributed to the country’s decision to make this major shift in policy towards crypto legalisation.
An estimated 15-20 million Pakistanis are already trading digital assets, highlighting significant local adoption. Additionally, global trends, with countries like the US and UAE embracing crypto-friendly policies, put pressure on Pakistan to stay competitive and avoid being left behind.
In short, legalising the use of crypto currency would lead Pakistan’s economy to a good position will bring some economic stability and technological advancements to the country’s struggling economy.
