The Ministry of Finance of Pakistan plans to form a “national cryptography council” to explore the legalization of cryptocurrencies in the country, according to to a report of local Dawn publication. The change of position intervened after the Minister of Finance Muhammad Aurangzeb had a meeting on digital assets with a foreign delegation which included the advisers of American President Donald Trump.
According to the report, the Crypto Council will be composed of representatives of the key government, regulatory authorities and industry experts. It will oversee the development of policies, will take up regulatory challenges and guarantee that the country’s cryptographic ecosystem evolves in a sustainable and secure manner.
Pakistan has more than 20 million residents involved in the crypto, but they face significant challenges, including high transaction costs. Aurangzeb ordered the stakeholders to create a framework that would ensure economic viability and regulatory compliance while protecting from financial crimes and illicit activities.
https://www.youtube.com/watch?v=9nde-ac81do
Pakistan’s preliminary decision to legalize cryptocurrency complies with global trends. The United States, Europe, the United Arab Emirates and other countries have taken preliminary measures in the past year to increase industry regulations, which could increase innovation while improving consumer protection.
Over the past years, the Ministry of Finance and the Pakistan State Bank have opposed the idea of cryptocurrencies. Aisha Ghaus Pacha, a previous Pakistani state minister for finance and income, said cryptocurrencies would never be legal in the country and the State Bank sought to ban all cryptocurrencies in January 2022.
However, the Minister of Finance, Aurangzeb, asked the authorities to approach the legalization and regulations of the crypto in the country with “an open mind”. In November 2024, the State Bank of Pakistan announced a pack of proposals that would have paved the way for a digital currency from the central bank, or to CBDC, and to the purchase, sale and trading of crypto.
In relation: The IMF wants Pakistan to tax crypto gains to pay a bailout of $ 3 billion
According to Dawn, the foreign delegation which met Aurangzeb included Gentry Beach Jr., a sales representative of President Trump; Nikita Goldsmith, a technological entrepreneur; Alex Malkov, consultant for blockchain companies; And Jerad Finck, CEO of Cosmic Wire. The delegation’s visit was not announced by the United States Embassy.
The Trump administration has worked to change the tone surrounding the crypto in the United States, by revising the cryptographic branch of the American Securities and Exchange commission, by appointing David Sacks as a crypto Czar and forming a committee to explore the possibility of creating a stock of national digital assets. President Trump made several promises to the cryptographic community during the campaign and even launched his own same.
Review: Bitcoins are `all ‘on Trump since Bitcoin ’24, but it becomes risky
