Heavily indebted Pakistan seeks to legalise cryptocurrency to attract global investment
Pakistan, south asia: Pakistan's central bank has been warning against cryptocurrency for years now, citing concerns over fraud and money laundering.
Pakistan is planning to legalise cryptocurrency trading, to further attract international investment and integrate blockchain technology into its economy, newly appointed CEO of Pakistan Crypto Council Bilal bin Saqib said.
This comes at a crucial time when the country's economy is dealing with massive debt.
“The country aims to devise a clear regulatory framework for governing digital-asset activities to boost the local ecosystem," Saqib told Bloomberg TV in an interview.
Stressing that Pakistan is no longer standing idly by, Saqib said, "We hope to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30 years old."
He added that we have a local workforce ready to build Web3.
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Following the US president's footsteps, Saqib said, "Trump is making cryptocurrency a national priority, and every country, including Pakistan, will have to follow suit."
Pakistan's central bank has been warning against cryptocurrency for years now, citing concerns over fraud and money laundering.
However, Saqib highlighted that with Pakistan ranking ninth globally in crypto adoption, it has become clear that the demand for digital assets is too large to ignore.
Currently, millions of crypto users are already active in the country, Saqib said, adding that this move could position Pakistan as a rising player in the global blockchain and Web3 ecosystem.
Why Pakistan wants to legalise crypto trading
Several factors led to the country's decision to make such a major shift in policy towards crypto legalisation, Saqib stressed.
An estimated 15-20 million Pakistanis are already trading digital assets, highlighting significant local adoption.
Additionally, global trends, with countries like the US and UAE embracing crypto-friendly policies, put pressure on Pakistan to stay competitive and avoid being left behind.
Moreover, there is a potential for economic growth, as a regulated crypto sector could attract foreign investment and foster technological innovation.
Also read: Pakistan's $7 billion IMF bailout review due
Pakistan's debt-ridden situation
Pakistan is indebted with more than 20 loans which it took from the International Monetary Fund (IMF) since 1958, with the latest being approved in September 2024 for $7 billion.
The country stands as the fifth-largest debtor to the IMF. During its approval, Pakistan assured the global lending organisation, that it would be its last loan.
(With inputs from agencies)
