The Pakistan Crypto Council (PCC) was officially inaugurated on Friday with the aim of “regulating and integrating blockchain technology and digital assets” into Pakistan's financial system. A press release from the Finance Division detailed that the PCC is a government-supported initiative focused on the regulation, promotion, and integration of blockchain and cryptocurrency innovations within the nation’s financial and economic structure. On February 25, after a meeting between Finance Minister Muhammad Aurangzeb and a foreign delegation, the finance ministry announced its consideration of “establishing a National Crypto Council” to incorporate emerging digital currencies in alignment with global trends. Earlier this month, the federal government appointed entrepreneur Bilal Bin Saqib as the chief adviser to the finance minister for the council. The Finance Division hailed Saqib’s appointment as “a significant step forward” for Pakistan in embracing digital currencies and evaluating their effects on the national economy. The launch of the council, according to the press release, signifies a “crucial step in the nation's efforts to regulate and integrate blockchain technology and digital assets into its financial landscape. ” “The council is expected to play a vital role in crafting policies, fostering innovation, and ensuring a secure and progressive approach to crypto adoption in Pakistan, ” the Finance Division stated. The finance minister will chair the Crypto Council, while Saqib will serve as CEO. The initial board members will consist of the governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission (SECP), and the federal law and IT secretaries. “This diverse leadership structure ensures the integration of regulatory oversight, financial stability, legal frameworks, and technological advancements to support Pakistan’s crypto ecosystem, ” the statement emphasized. Aurangzeb remarked at the council's launch, “The world is rapidly moving towards digital finance, and Pakistan aims to be a frontrunner in this domain.

The establishment of the Pakistan Crypto Council is a move towards adopting innovation while ensuring we create a regulatory framework that safeguards investors and the financial system. ” “We are dedicated to nurturing a responsible and progressive crypto ecosystem that can contribute to Pakistan’s economic growth, ” the finance minister continued. Saqib, the Crypto Council CEO, stated, “This council is not merely about regulations; it’s about creating an environment where blockchain and digital finance can flourish. Our ambition is to position Pakistan as a competitive participant in the global digital economy while prioritizing security, transparency, and innovation. ” “By uniting key stakeholders, we aspire to balance progressive policymaking with creating a space where entrepreneurs and businesses can confidently explore the potential of blockchain technology, ” he added. The press release highlighted the council's upcoming priorities, including “developing clear regulatory guidelines to promote crypto adoption; collaborating with international crypto and blockchain organizations to implement best practices; and fostering responsible innovation by working closely with essential industry players, such as fintech startups, investors, and blockchain developers. ” Additionally, the council aims to safeguard consumers and uphold financial security through robust legal and compliance frameworks, the release concluded.