Pakistan Ministry of Finance is planning on forming a “National Crypto Council” with a view towards making cryptocurrencies official. The development followed a meeting between Finance Minister Muhammad Aurangzeb and a visiting overseas delegation that also included advisers from former President Donald Trump.
The meeting focused on the global rise of digital assets. Officials believe Pakistan should keep up with this trend. The delegation included Gentry Beach Jr, Nikita Goldsmith, Alex Malkov, and Jerad Finck. Earlier, Beach had met Prime Minister Shehbaz Sharif and promised over $1 billion in investments.
Pakistan has been against cryptocurrencies for a long time. The central bank even warned people not to use them. But now, Aurangzeb wants to look at digital assets with an “open mind” and create proper rules.
The crypto council would bring together government officials, regulators, and experts. It would help make policies, solve legal issues, and ensure digital assets follow international rules. The council might also work with other countries to set common guidelines.
Crypto tokenization for economic growth
The discussion also involved state-owned asset tokenization, which can fuel investment and grow the economy. Pakistan alone boasts over 20 million cryptocurrency users, but they suffer from high fees and unclear regulations.
Aurangzeb believed that innovation and stringent regulations are essential. He directed the establishment of a platform that can attain safety, openness, fiscal dividends, and fraud prevention. The government will also use blockchain to update finance.
The conference ended with a vow to move cautiously. The government desires firm regulations that facilitate digital money in addition to global finance principles.
