The Pakistani government is considering establishing a National Crypto Council to oversee the regulation of digital assets.
This came up after a recent meeting held between Finance Minister Mohammed Aurangzeb and a delegation from a foreign country described as “Trump Advisers for Digital Assets.” The officials said this new council will oversee policy making, regulations, and the development of the industry.
According to a local report, the finance ministry unveiled the plan yesterday. The government statement said the council will contain government officials and regulators as well as industry experts so that they put their minds together to create a clear regulation.
The visiting US delegation included Gentry Beach Jr., Nikita Goldsmith, Alex Malkov, and Jerad Finck. Beach, a business associate of former US President Donald Trump, had previously met Prime Minister Shehbaz Sharif and assured him that he would invest over $1 billion in Pakistan.
Meanwhile, the US Embassy did not announce the visit, but sources say that the meeting was all about how cryptocurrency is becoming popular worldwide and how Pakistan can benefit from it. The two sides also talked about turning big government projects into digital assets so more people can invest in them.
Here’s the thing. Until recently, the government used to be totally against cryptocurrency. A former finance minister once even said, “Crypto will never be legalized in Pakistan.” The State Bank of Pakistan (SBP) also warned people not to invest in it because of scams.
But now, Finance Minister Aurangzeb has changed his mind. Pakistan has over 20 million people who use crypto, but they don’t have the proper rules to protect them or make trading easier. The new crypto council will make sure that Pakistan follows international financial rules and avoids problems like fraud.
Aurangzeb has also asked experts to come up with a plan to allow crypto in a safe and controlled way. He says Pakistan needs to find the right balance and let people invest in crypto while preventing financial crimes.
At the end of the meeting, both sides agreed that Pakistan should take things slow but move in the right direction. If everything goes well, this could be a big step toward making crypto legal in Pakistan.
Also Read: Pakistan Follows India’s Path; To Recognize CBDCs
