Pakistan to create a National Cryptocurrency Council

Pakistan’s Finance Minister Muhammad Aurangzeb held a meeting with advisers to US President Donald Trump to discuss cryptocurrencies, resulting in a shift in support of digital assets.

Pakistan’s government will now consider creating a National Cryptocurrency Council to achieve legalization and promote adoption in the country.

Such a council would be made up of “key government representatives, regulatory authorities and industry experts” and would be tasked with overseeing “policy development, addressing regulatory challenges and ensuring that the country’s crypto ecosystem evolves in a sustainable and secure manner.”

To benefit the more than 20 million residents involved in cryptocurrencies, who face obstacles such as high transaction fees, Minister Aurangzeb has given orders for the creation of a framework that “ensures economic viability and regulatory compliance, protecting against financial crimes and illicit activities.”

It is important to remember that the official had previously asked the authorities to study the legalization and regulation of crypto assets. By November 2024, the State Bank of Pakistan unveiled “a package of proposals that would have paved the way for a central bank digital currency, or CBDC, and the purchase, sale and trading of cryptocurrencies.”

M.Pino

Source: cointelegraph

(Reference image source: Mahreen Sarwar on Unsplash)

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