The Pakistani government has officially launched the Pakistan Crypto Council (PCC) to regulate and integrate Blockchain technology and digital assets in the country’s financial system, according to a statement from the Finance Division.
The announcement follows the recent appointment of Bin Saqib as the main advisor of the Minister of Finance for the Council. The PCC is an initiative supported by the government designed to regulate, promote and incorporate innovations of blockchain and cryptocurrencies in the economic framework of Pakistan.
A declaration of the Finance Division described the formation of the Council as a significant step in the country’s efforts to adopt digital finances, positioning it as a key player in the global change towards Blockchain technology.
The Council will be led by the Minister of Finance, Muhammad Aurengzeb, with its immediate board comprising the governor of the State Bank of Pakistan, the president of the Bolsa and Securities Commission of Pakistan (SECP), the Federal Secretary of Law and the Federal Secretary of IT.
The diverse leadership structure aims to guarantee a balanced approach for regulatory supervision, financial stability, legal frameworks and technological advances.
Aurengzeb commented on the launch, emphasizing Pakistan’s desire to lead in the digital finance space.
“The establishment of the Crypto Council of Pakistan is a step to adopt innovation while ensuring that we believe a regulatory framework that protects investors and the financial system,” he said.
He also highlighted the country’s commitment to promote a responsible and progressive cryptographic ecosystem for economic growth.
Bin Saqib stressed the importance of the Council, stating that its approach extends beyond the regulation to the creation of an environment where Blockchain and Digital Finance can prosper.
He reiterated the objective of the advice to make Pakistan a competitive player in the global digital economy while prioritizing security, transparency and innovation.
PCC priorities include establishing clear regulatory guidelines to facilitate the adoption of cryptocurrencies, participate with international cryptography and blockchain organizations to guarantee best practices and promote responsible innovation.
In addition, the Council will work with the key stakeholders of the industry, as new companies of Fintech, Blockchain investors and developers, while focusing on consumer protection and financial security through solid legal frameworks and compliance.
