“Pakistan is done sitting” and is all set to introduce a legal framework for cryptocurrencies, according to a latest interview given by Bilal Bin Saqib, chief advisor to Pakistan Finance Minister to Bloomberg media on Thursday.
According to the Bloomberg interview, Saqib said Pakistan wants to set a clear regulatory framework for cryptocurrencies in order to attract foreign investment. The statement by Saqib comes after Pakistan Prime Minister Shehbaz Sharif set up national crypto council to promote blockchain technology.
“Pakistan is done sitting on the sidelines,” said Saqib. “We want to attract international investment because Pakistan is a low-cost high-growth market with 60% of the population under 30. We have a Web3 native workforce ready to build. “Trump is making crypto a national priority and every country including Pakistan will have to follow suit,” he added in Bloomberg interview.
If Pakistan, indeed, legalizes crypto, it will become the first South Asian nation to do so, racing ahead of its giant neighbor India, that has seen cryptocurrencies with disdain. Apart from Pakistan, Bhutan government is proactively engaged in Bitcoin mining but cryptocurrencies are not legal tender in the country.
Also Read: Pakistan Sets Up National Crypto Council to promote Blockchain
