The Pakistan Crypto Council (PCC) was officially inaugurated on Friday with the mission to "regulate and integrate blockchain technology and digital assets" into the nation’s financial framework. A press release from the Finance Division indicates that the PCC is a government-supported initiative designed to oversee, promote, and incorporate blockchain and cryptocurrency innovations within Pakistan’s economic system. On February 25, during a meeting between Finance Minister Muhammad Aurangzeb and a foreign delegation, the finance ministry revealed its consideration of establishing a "National Crypto Council" to adopt 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 described Saqib’s selection as “a significant step forward” for Pakistan in adopting digital currencies and evaluating their influence on the national economy. The launch of the council is seen as a "significant step" toward regulating and incorporating blockchain technology and digital assets into Pakistan's financial ecosystem, according to the press release. The Finance Division stated that the council would be instrumental in developing policies, encouraging innovation, and ensuring a secure, forward-thinking approach to cryptocurrency adoption in Pakistan. The finance minister will chair the Crypto Council, while Saqib will serve as CEO. Initial board members will include the governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission (SECP), and the federal secretaries of law and IT. "This diverse leadership structure is designed to unite regulatory oversight, financial stability, legal frameworks, and technological developments to bolster Pakistan’s crypto ecosystem, " the statement said. "The world is rapidly advancing towards digital finance, and Pakistan aims to take a leading role in this sector, " Aurangzeb remarked during the council's launch.

"The formation of the Pakistan Crypto Council is a pivotal step in embracing innovation while ensuring that a regulatory framework is in place to protect both investors and the financial system. " "We are dedicated to cultivating a responsible and advancing crypto ecosystem that can aid Pakistan’s economic development, " the finance minister continued. Crypto Council CEO Saqib expressed, “This council is not merely about regulations; it’s about fostering an environment where blockchain and digital finance can prosper. Our aim is for Pakistan to emerge as a competitive entity in the global digital economy while emphasizing security, transparency, and innovation. ” “By uniting key stakeholders, we seek to balance progressive policymaking with the creation of a space where entrepreneurs and businesses can confidently explore blockchain technology's potential, ” he added. The press release detailed the council's upcoming priorities, which include "establishing clear regulatory guidelines to facilitate crypto adoption; engaging with international crypto and blockchain organizations to ensure best practices; and encouraging responsible innovation by collaborating with key industry players, including fintech startups, investors, and blockchain developers. " Additionally, the council will safeguard consumers and uphold financial security through comprehensive legal and compliance frameworks, as noted in the release.