Pakistan’s Finance Ministry is contemplating the creation of a National Crypto Council to legitimize cryptocurrencies. Following a meeting with a delegation tied to former President Trump, Finance Minister Aurangzeb emphasized the importance of a regulatory framework that ensures economic viability and combats financial crime. This move signals a departure from past opposition to crypto in the country, aligning Pakistan with global regulatory trends in digital currencies.
The Finance Ministry of Pakistan is exploring the establishment of a “National Crypto Council” aimed at legalizing cryptocurrencies in the country, as reported by local news outlet Dawn. This reevaluation of stance came following a meeting between Finance Minister Muhammad Aurangzeb and a foreign delegation, which included advisers connected to former US President Donald Trump.
The proposed crypto council would comprise key government officials, regulatory authorities, and industry specialists tasked with developing policies, addressing regulatory issues, and fostering a secure crypto ecosystem for Pakistan. The initiative reflects the growing interest in cryptocurrencies, despite the existing obstacles faced by the country’s over 20 million crypto participants, such as sky-high transaction fees.
Minister Aurangzeb has urged stakeholders to design a regulatory framework conducive to economic viability while ensuring protection against financial crimes. Pakistan’s nascent effort to legalize cryptocurrencies aligns with global trends, as countries such as the United States and various European nations have started regulating the industry to enhance consumer protection and foster innovation.
Historically, the Finance Ministry and the State Bank of Pakistan had opposed cryptocurrency legalization, with former Minister Aisha Ghaus Pasha stating that cryptocurrencies would not be legalized. However, Minister Aurangzeb encouraged a more open-minded approach toward this emerging financial technology. The State Bank of Pakistan recently suggested proposals for the potential introduction of a central bank digital currency (CBDC) and the regulation of crypto transactions.
The foreign delegation that met Minister Aurangzeb included various influential figures from the crypto industry, such as Gentry Beach Jr. and Jerad Finck, among others. Although the visit’s details were not disclosed, it highlights the ongoing conversations surrounding cryptocurrency regulation during the current administration.
Moreover, the Trump administration has been actively shifting its stance on cryptocurrencies, with efforts to reshape the US Securities and Exchange Commission’s crypto policies and appointing officials to explore digital asset initiatives. President Trump himself has shown interest in the crypto community, evidencing his campaign pledges and even launching a memecoin.
In summary, Pakistan is considering the formation of a National Crypto Council to regulate cryptocurrencies, reflecting a significant shift in policy after years of opposition. This initiative, supported by key government stakeholders, aims to establish a balanced framework that promotes innovation while safeguarding against economic misconduct. As Pakistan joins other nations in exploring digital currencies, the implications for its financial landscape could be substantial.
Original Source: cointelegraph.com
