Pakistan is taking steps to build a digital financial ecosystem through a public-private cooperation model, taking the Trump administration's pro-cryptocurrency policy as an example. The Pakistan Crypto Council is working with industry leaders to improve regulations and infrastructure, aiming to become a global cryptocurrency hub.
According to Cryptoslate on the 20th (local time), Pakistan has moved away from its previously negative stance on cryptocurrencies and is now pursuing an active pro-cryptocurrency policy. This change is analyzed to have been influenced by former US President Donald Trump's pro-cryptocurrency policy. The Pakistan Crypto Council is leading the establishment of a regulatory framework and aims to create a sustainable digital financial ecosystem through close cooperation between the government and private companies. Pakistan, which considered cryptocurrencies illegal until 2023, has changed its policy to legalize cryptocurrencies after the US election in November 2024.
After a meeting with Trump's presidential advisors, the Pakistani Ministry of Finance announced the establishment of a 'National Crypto Council', followed by the official launch of the Pakistan Crypto Council. Bilal bin Saqib, CEO of the Pakistan Crypto Council, evaluated that 'President Trump was the biggest catalyst for cryptocurrency history' and emphasized that the world has no choice but to adopt a cryptocurrency-first strategy. The Pakistani government is discussing Bitcoin mining, asset tokenization, and digital asset regulatory frameworks with private companies, and is actively reviewing the construction of a $3.5 billion Bitcoin mining infrastructure and ways to utilize energy surpluses. This is seen as a strategy to apply the US-style public-private cooperation model to Pakistan to simultaneously pursue economic recovery and job creation.
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