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Islamabad: The inaugural meeting of the Pakistan Crypto Council (PCC) was held on Friday under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
The meeting was attended by key figures, including the CEO of the PCC, Bilal Bin Saqib, the Governor of the State Bank of Pakistan (SBP), the Chairman of the Securities and Exchange Commission (SECP), and the Federal IT and Law Secretaries, all of whom are members of the PCC.
The meeting focused on Pakistan’s untapped potential in the crypto space, with CEO Bilal Bin Saqib presenting a comprehensive vision and mission for the Council. His presentation highlighted the current state of Pakistan’s crypto landscape, shedding light on challenges and barriers to the widespread adoption of cryptocurrencies. A major area of discussion was the need for regulatory clarity to unlock the full potential of the sector.
CEO Saqib emphasized the importance of regulatory models and use cases, particularly in the region, that could be tailored to Pakistan’s unique context. He also presented the concept of leveraging Pakistan’s surplus electricity for Bitcoin mining, potentially turning the country’s liabilities into assets.
Senator Muhammad Aurangzeb praised the vision and underscored the critical role of the Council in shaping Pakistan’s future in the digital asset space. He emphasised that the Pakistan Crypto Council will serve as an umbrella platform, uniting all relevant stakeholders and regulatory bodies to work collaboratively toward a comprehensive, responsible, and forward-looking crypto regulatory framework.
“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies,” he said.
The Minister emphasized that while Pakistan could learn from global best practices, the country must ensure that its business and revenue models are firmly rooted in local realities. He also pointed out the need to build on the existing work done by various entities and groups, leveraging their knowledge and experience.
Council members, including the Governor of the State Bank of Pakistan, Chairman of SECP, and Federal IT and Law Secretaries, also contributed to the discussions, highlighting the need for a well-defined regulatory framework, legislation, and licensing regimes. They emphasized the importance of consumer protection, blockchain mining, and a national blockchain policy. The importance of sequencing the rollout, running pilot programs, and ensuring adherence to international obligations was also discussed.
The meeting concluded with a shared commitment to carefully charting a path forward, ensuring Pakistan can fully tap into the potential of blockchain and cryptocurrencies while safeguarding the country’s economic interests.
