On Friday, the government officially launched the Pakistan Crypto Council (PCC) in a bid to regulate blockchain technology and digital assets within the country’s financial system.
The Finance Division announced that the initiative marks a significant move towards integrating cryptocurrency innovations into Pakistan’s financial and economic landscape.
This development follows the recent appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for the PCC, tasked with steering the council’s direction. The PCC is designed to regulate, promote, and encourage the use of blockchain technology, aiming to make Pakistan a leader in this evolving space.
Finance Minister Muhammad Aurangzeb will lead the council, which includes key officials such as the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Law Secretary, and the Federal IT Secretary. This diverse leadership is intended to ensure a balanced approach to financial stability, technological advancement, and legal regulation.
According to the Finance Division, the council will play a crucial role in shaping policies and fostering a secure environment for digital finance. It will focus on creating clear regulatory frameworks, ensuring compliance, and supporting innovation in the cryptocurrency sector.
Speaking at the launch, Aurangzeb highlighted Pakistan’s ambitions to lead the way in digital finance, stating that the PCC aims to embrace innovation while safeguarding the interests of investors and maintaining financial stability. He emphasised that this is a proactive step towards ensuring Pakistan stays ahead in the global shift towards digital assets.
Bilal bin Saqib further elaborated that the PCC aims to build an ecosystem where blockchain and digital finance can thrive, focusing on transparency, security, and fostering a competitive global presence. By engaging stakeholders across sectors, the council seeks to strike a balance between innovation and regulation.
In its initial operations, the PCC will prioritise establishing clear guidelines, engaging with global crypto organisations, promoting responsible innovation, and protecting consumers.
