Pakistan to Establish National Crypto Council for Legislative Development
In a significant move towards embracing digital assets, Pakistan has announced its intention to establish a National Crypto Council. This initiative follows a meeting with advisors on digital assets linked to former President Donald Trump, as reported by the local news outlet, Dawn. The proposed council will serve as a dedicated advisory body, comprising representatives from the government, regulatory authorities, and industry experts.
The primary role of this council will be to oversee the development of policies related to cryptocurrencies and to collaborate with other nations in creating standardized frameworks for the sector. This information was revealed in a statement issued by the finance ministry, highlighting the government’s commitment to fostering a regulated environment for digital assets.
Interestingly, until last year, the finance ministry in Pakistan had shown resistance towards the regulation of cryptocurrencies. However, Finance Minister Muhammad Aurangzeb has expressed a willingness to reconsider this stance with an open mind. He emphasized the necessity of establishing a well-regulated framework for digital assets, underlining the importance of adapting to the evolving financial landscape.
During the recent meeting, which included a foreign delegation reportedly associated with Trump’s digital asset advisors, Aurangzeb reiterated the potential benefits of a structured approach to cryptocurrency regulation. As countries globally look towards the U.S. for inspiration in developing crypto-friendly policies, Pakistan seems poised to follow suit.
As of now, CoinDesk has been unable to obtain a comment from the Finance Ministry regarding this development.
