Better late than never. Pakistan is finally going to legalize crypto to lure foreign investments. The country is now set to devise a clear regulatory framework to oversee the management of digital assets in order to foster the growth of the local ecosystem. Bilal bin Saqib, the CEO of the Pakistan Crypto Council, was appointed as the Chief Advisor to the Finance Minister of Pakistan, Muhammad Aurangzeb, a month ago, as his efforts are at the forefront in this endeavour of getting crypto legalized.

Bilal Bin Saqib’s Remarks Regarding Legalization of Crypto

Mr Bilal Bin Saqib has been striving hard for the legalization of cryptocurrency as he believes that this will open the gateway to economic growth as Trump has made cryptocurrency a national priority. As he became the Chief Advisor to the financial advisor of Pakistan a month ago he released the plan of legalizing crypto as his priority. In a recent interview, he said that the Pakistani market is low-cost, yet with high growth. As 60% of the Pakistani population is less than 30 years old, a local energetic workforce is also available to build Web3.

He also said that it is time that Pakistan jumps into the pool of cryptocurrency trading instead of being a spectator. One of Saqib’s major goals is to establish Pakistan as the cryptocurrency capital of South Asia and compete for leadership in the blockchain field with Singapore, Dubai, China, and Hong Kong. Additionally, he will provide guidance on investigating AI’s potential to enhance governmental activities, decision-making, and advancement.

Pakistan Ranks 9th in the World for Cryptocurrency Adoption 

Chain analysis has revealed that Pakistan ranks 9th in the world for cryptocurrency adoption. Saqib also mentioned in his interview that Pakistan has about 15-20 million cryptocurrency users. It shows that crypto trading is already popular in this region, despite the risks involved, as mentioned by the World Bank. There was just the need for a legalization process.

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Currently, the situation for crypto traders in Pakistan is worse. Banks and FBR are cracking down on P2P trades in PKR as well. Hundreds of bank accounts have been blocked for suspicion of USDT buy and sell. This doesn’t end here. Once an account is blocked for USDT selling or buying, the other accounts which make transactions to and from those suspicious accounts are also being blocked declaring them as chain dispute.

To put it in a nutshell, the decision to legalize cryptocurrency in Pakistan will be very beneficial for the country to attract foreign investments. It will bring economic prosperity to the country. Pakistanis are not naive as there are already 15-20 million crypto traders. Thus, Saqib’s (CEO of Pakistani Crypto Council) plan will prove to be fruitful. The question that is crypto legal in Pakistan is soon going to be answered in a yes.