Pakistan took a big step towards crypto innovation. Changpeng Zhao (CZ) was officially appointed strategic consultant of the Pakistan Crypto Council (PCC). The announcement was made during a summit with the Pakistani finance minister, supervisory authorities and central bankers. The country thus seems ready to position itself as the crypto center of South Asia.
Pakistan progressive in the crypto area
Pakistan’s cryptorate was founded in March of this year and is under the direction of Bilal bin Saqib. The Council is subject to the Ministry of Finance and will supervise the integration of cryptocurrencies and blockchain. CZ, who was managing director of Binance from 2017 to 2023, was appointed consultant for the council.
On March 20, Saqib told Bloomberg TVthat he will follow the example of US President Trump. He believes that Trump has made crypto a national priority and that every country should follow this example so as not to stay behind. Saqib is also clearly over the plans in his country and wants to develop a clear regulatory framework for digital assets.
With the appointment of CZ as a strategic consultant, Pakistan wants to benefit from his experience in building up the world’s largest crypto exchange. ZHAO will offer advice on regulation, infrastructure and adoption of cryptocurrencies.
Pakistan has a lot of potential
Pakistan has 240 million inhabitants, of whom more than 60 percent are younger than 30. In addition, the country is completely connected to the Internet. In a message on X Cz said that Pakistan was an ideal test area for the future of financial freedom.
Pakistan has long been seen as a potential place for crypto adoption. A report From Chainalysis from last year shows that South Asia, together with Oceania, takes third place in crypto investments worldwide. In 2023 they recorded more than $ 750 billion in tributaries in crypto-assets.
Also stable coins like USDTare now popular in regions with high demand for US dollars. The Value from USDT is coupled to the US dollar. Although specific data on the use of stable coins in Pakistan are sparsely unveiled a study from Kucoin in 2023 that 33 percent of local crypto investors use digital assets as protection against the devaluation of the rupie.
Cz appointed despite punishment
Zhao is a prominent name in the crypto world. In November 2023, he resigned as managing director of Binance after he had guilty of violating US anti-money underwear laws. CZ spent four months in prison for this offense, as was read under the crypton news. In addition, Binance paid a fine of $ 4.3 billion.
Despite his previous penalty, Pakistan sees the appointment as a strategic step that can possibly attract foreign investments in a rapidly growing sector.