Islamabad: Bilal Bin Saqib, who has been appointed as the Chief Advisor to the Finance Minister to streamline and strategise digital asset management, has said that Pakistan will no longer sit on the sidelines and let the opportunity to attract global investment through cryptocurrency trading slide away.
“Pakistan is done sitting on the sidelines. We want to attract international investment because Pakistan is a low-cost, high-growth market with 60 per cent of the population under 30. We have a Web3 native workforce ready to build”, said Saqib as Pakistan seriously considers legalising cryptocurrency trading to attract global investment.
“Pakistan stands ninth globally in terms of crypto adoption, according to blockchain analysis firm Chainalaysis. In Pakistan, at least 15 to 20 million Pakistanis are currently engaged in crypto trading despite the absence of a formal regulatory framework,” Saqib, who is also the CEO of Pakistan Crypto Currency Council (PCCC), added.
Saqib said that the global political developments have also played an important part in the realization to legalise crypto trading in Pakistan.
“Donald Trump is making crypto a national priority, and every country, including Pakistan, will have to follow suit,” he said.
Cryptocurrency trading has been banned in Pakistan for some time, with authorities cautioning risks regarding use of virtual currencies.
In 2018, the State Bank of Pakistan (SBP) even sent out a notification, warning all those using virtual currencies/coins/tokens for the purpose of transferring value outside Pakistan.
“Virtual currencies/coins/tokens provide a high degree of anonymity and potentially can be used for facilitating illegal activities. Also, due to the ambiguous nature of virtual currencies, no legal protection or resource is available to any individual in the event of a loss incurred due to highly unstable investments based on speculations,” read a notification issued by the SBP.
“Persons using virtual currencies/coins/tokens for the purpose of transferring value outside Pakistan are subject to prosecution as per the applicable laws,” the notification added.
However, over the years, it seems that the global traction of digital assets management has compelled Pakistan to re-evaluate its stance.
Experts believe that in view of the country’s population, which is young and tech-savvy, Pakistan could see a turning point in its economic transformation with the regulation of crypto currency trading.
“Regulating crypto could unlock Foreign Direct Investments (FDI) opportunities and create new revenue streams for the economy,” said economist Shahbaz Rana.