Pakistan announces plans to implement a regulatory framework to legalize Bitcoin and crypto, attract foreign investment and promote adoption.
Bilal bin Sakib, CEO of Pakistan Crypto Council, said Bloomberg Thursday Pakistan has announced plans to implement a regulatory framework to legalize Bitcoin and crypto, attract foreign investment and promote adoption.
The government aims to devise clear regulations and align with international best practices. Pakistan's finance minister established the PCC last week to take action on the country's crypto strategy.
“Pakistan is sitting on the sidelines” regarding Bitcoin and crypto Bloomberg. “Pakistan is a market where 60% of its population is growing at low cost under the age of 30, so we want to attract international investment.”
“Trump has made cryptography a national priority, and all countries, including Pakistan, will have to follow the lawsuit.” He said.
The move comes amid a global change in attitudes towards Bitcoin and crypto after the US called for greater mainstream acceptance. The new stance is a tough change for Pakistan, which previously banned cryptography. Pakistan aims to establish itself as a regional leader and attract investors by embracing Bitcoin and crypto early.
Pakistan's central bank had previously expressed concern. However, the government is now trying to mitigate risks through careful legislation. Clear rules can increase innovation and prevent potential abuse of distributed networks.
