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What happened?
Pakistan is taking decisive steps to embrace digital assets, moving away from its previous cautious stance on cryptocurrencies. Bilal Bin Saqib, CEO of the newly formed Pakistan Crypto Council, announced a structured plan for crypto integration aimed at boosting the nation’s economy. Key government figures, including the Prime Minister and finance minister, are actively involved in this strategic shift towards embracing crypto responsibly.
Who does this affect?
This move impacts a range of stakeholders, from the 60% of Pakistan’s young population under 30 to international investors and local startups. With over $20 billion in crypto transactions recorded in 2021 and substantial annual remittances, the changes will influence everyday users, financial sectors, and freelancers who are already active in global markets. The initiative also opens doors for domestic and international companies to engage in activities like bitcoin mining, leveraging Pakistan’s energy resources.
Why does this matter?
The market impact could be significant as Pakistan aims to become a competitive player in the global digital asset ecosystem. By setting up a framework inspired by international best practices, the country positions itself as an attractive location for blockchain and crypto investments due to its low business costs and skilled workforce. This development may enhance financial inclusion, stimulate the economy, and attract foreign investment, making Pakistan a new hotspot for Web3 and blockchain innovation.
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