The Pakistan government has recently made another crucial decision to induct crypto into the country’s mainstream financial sector. As per the latest reports, the Pakistani authorities are planning to increase the crypto incorporation by commencing official adoption in banking, gold trading, and forex operations.
This development highlights the country says welcome to Web3 technologies in a bold move to bolster its economic status. This initiative is anticipated to be highly impactful as the country will also allow financial institutions to legally offer crypto services by providing them with licenses.
PCC CEO Reveals Pakistan’s Plan for Mainstream Crypto Adoption
In this respect, the Pakistan Crypto Council’s (PCC) CEO, Bilal Bin Saqib, who is also the 0Prime Minister’s Special Assistant on Blockchain and Cryptocurrency, shared exclusive thoughts on this development. He mentioned that the Pakistan is moving toward the future of finance. He added that the crypto assets are the currencies that will work in the cutting-edge financial world.
Hence, this move is focused on commencing Pakistan’s exclusive epoch of financial sovereignty. Saqib also mentioned that Pakistan plans to gear up for a transparent and secure digital currency ecosystem. Thus, rather than just experimenting, the authorities are laying a robust groundwork to carry out the wider economic shift.
Pakistan Moves to Develop Regulatory Framework and Pilot CBDC
In line with the statement of Saqib, establishing a unique and flawless crypto framework to incorporate crypto assets will be a significant step toward a broader change in the worldwide economy. Apart from that, Jameel Ahmed, the Governor of the State Bank of Pakistan (SBP), also announced a notable development. Thus, he confirmed the start of a pilot project for digital currencies, parallel to the drafting of legislation to regulate virtual assets.
Keeping this in view, the Financial Division, the PCC, and SBP are jointly working on a thorough legal and regulatory framework to back the rollout. As they acknowledge, yeah, there is considerable volatility in this sector, but at the same time, they aim for the unmatched potential of this new financial network. Additionally, this initiative serves as a groundbreaking development for the mates in the business community who have long been chatting about such a possibility to grow their portfolios.