Pakistan has 20 million crypto users, ranks among top five globally, says Bilal Bin Saqib
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
- Crypto opportunities in remittances, agriculture, real estate.
- PCC to develop licensingsystem and revenue generation.
- Less than 0.24% crypto linked to illicit activity globally.
There are immense opportunities in Pakistan in applying blockchain technology to different sectors, CEO of the Pakistan Crypto Council and Chief Advisor to the Finance Minister Bilal Bin Saqib, said as he spoke about the growing interest in digital currencies and blockchain technology in the country.
Appearing on Geo News programme “Geo Pakistan”, Saqib said the government established PCC’s scope includes providing a regulatory environment for cryptocurrency and blockchain-related activity and to introduce. The council’s mandate includes designing a licensing system and exploring revenue generation models from crypto-related activities.
According to Saqib, Pakistan is currently among the top countries in the world in terms of crypto adoption, with an estimated 20 million users. He highlighted blockchain’s potential to transform key sectors, particularly overseas remittances, worth more than $30 billion annually, as well as real estate and agriculture.
He said the Council’s work will focus on ensuring consumer protection through proper oversight. A secure, regulated environment, he added, would help reduce the risk of losses and increase transparency in the crypto space.
Addressing concerns over the misuse of digital currencies, Saqib cited global figures showing that only 0.24% of cryptocurrency transactions are linked to illicit activity. He stressed that while bad actors exist in every new industry, the technology itself should not be equated to them.
Saqib did not provide a timeline for when crypto might become legal in Pakistan, but said efforts were underway to develop a comprehensive regulatory framework. He said the council is learning from countries that have already legalised crypto, with the aim of crafting Pakistan-specific regualtions.
Highlighting the need for technological upskilling, Saqib stressed that Pakistan’s youth are its greatest asset. He warned that Pakistan risked falling behind in emerging technologies like blockchain and AI. He said that India had launched its national blockchain paper in 2019 and initiated its AI programme years earlier, putting it 5-7 years ahead of Pakistan in these areas.
Saqib also referred to Pakistan’s position as one of the world’s top freelancing markets, but said that poor policy implementation has limited the youth’s ability to stay competitive in global tech sectors.
Reference Link:- https://www.geo.tv/latest/597506-pakistan-has-huge-crypto-potential-pcc-chief
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
