NEWSLETTER
Bin Saqib, the CEO of the crypto Council of Pakistan, has proposed to use the country's runoff energy to feed bitcoin (btc) at the opening meeting of the crypto Council on March 21.
According to a article From the Nation, the Council is exploring comprehensive regulatory frameworks for cryptocurrencies to attract direct foreign investments and establish Pakistan as a cryptography center.
The meeting included the legislators, the governor of the Bank of Pakistan, the president of the Pakistan Stock Exchange and Securities Commission (SECP) and the Federal Secretary of Information technology. Senator Muhammad Aurengzeb had this to say about the meeting:
“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent financial ecosystem and ready for the future that attracts investment, enable our young people and place Pakistan on the global map as a leader in emerging technologies.”
The crypto Council represents a radical deviation from the previous position of the Pakistan government about crypto. In May 2023, former Minister of State for Finance and Income, Aisha Ghaus Pasha said that cryptography would never be legal in the country.
Pasha cited restrictions on money laundering under the Financial Action Task Force (FATF) as the main motivation for government antichrypto position.
The presence of bitcoin miners can stabilize electrical networks. Fountain: Direct science
Related: Pakistan Eyes crypto Legal Framework to boost foreign investment
Pakistan follows the United States to embrace cryptography
The Pakistan government moved to regulate cryptocurrencies as a legal tender on November 4, 2024, the same day as elections in the United States.
After the re-election of Donald Trump in the United States and the inauguration of January 20, Trump moved quickly to establish pro-crypto policies at the federal level.
On January 23, President Trump signed an executive order established by the working group on digital assets, an Executive Advisory Council responsible for exploring a comprehensive regulatory reform in digital assets.
President Trump signs the executive order established by the president's working group on digital assets. Fountain: The White House
The order of January 23 also prohibited the Government from investigating, developing or issuing a digital currency of the Central Bank (CBDC).
President Trump also signed an executive order that creates a strategic bitcoin reserve and a separate digital asset storage in March 2025 that will probably include cryptocurrencies made by companies based in the United States.
Magazine: How cryptographic laws are changing worldwide in 2025
