With international acknowledgement from the independent New York-based media outlet Cointelegraph Magazine, which commended the nation’s efforts in blockchain and cryptocurrency development, Pakistan has made a substantial step towards creating a framework for cryptocurrency.
Pakistan has implemented a new national cryptocurrency system in response to the increasing significance of digital assets. In order to maintain financial stability, the nation intends to create its own Bitcoin reserves, according to Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC).
According to Cointelegraph Magazine, Pakistan wants to create revenue through decentralised finance (DeFi) and formally include cryptocurrency assets into its national reserves. Michael Saylor, a pioneer of Bitcoin, was also met by Bilal Bin Saqib, who asked him to advise Pakistan’s strategic Bitcoin reserve.
According to Cointelegraph Magazine, Pakistan has the ninth-fastest rate of cryptocurrency adoption in the world as of 2024.
In the meantime, the Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), and the Ministry of Finance are collaborating to create a strong crypto framework that would guarantee the industry’s economic growth, security, and transparency.
