Despite being ranked 1 in global crypto adoption, India has yet to welcome any major global crypto leader. In contrast, Pakistan, ranked 9, has made headlines by inviting Binance founder Changpeng Zhao (CZ).
Zhao visited Islamabad recently, where he met with top leaders, including the Prime Minister, Finance Minister, and heads of Pakistan’s central bank and securities authority.
CZ has recently posted on X saying that he’s “honored to help Pakistan adopt crypto”, after being appointed Strategic Adviser to the newly-launched Pakistan Crypto Council (PCC).
In his role as a Strategic Adviser, CZ will collaborate with the government and private sector to advise Pakistan on crypto regulation, education, infrastructure, and adoption. His experience at Binance will assist in the creation of a compliant, inclusive, and globally competitive cryptocurrency ecosystem.
The announcement says, “Pakistan, a country that ranked 3rd in the Global Crypto Adoption Index, has 20 million active cryptocurrency users and $20bn + in crypto transactions.” However, the latest Chainalysis report places Pakistan at 9th globally in crypto adoption.
In comparison, according to Chainalysis, India tops the index at 1st place — a fact that’s sparked online chatter, with users cheekily asking, ‘Pakistan has CZ. When will India wake up?’
Taking a look at India’s history with crypto, since the beginning of Bitcoin, the government has always kept its distance from it. There has never been an instance when India welcomed a crypto leader. Even the existing crypto infrastructure is looking to move out of India. The tax rate on crypto is very high, and no proper regulations are made for Indian traders.
Also Read: CZ Mission Pakistan: How Zhao reached Islamabad from Hong Kong
