Crypto body head sees big opportunity for Pakistan

There is immense potential for blockchain technology and cryptocurrency across multiple sectors in Pakistan, said Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC) and chief adviser to the finance minister, while discussing the country’s growing interest in digital assets.

Speaking on Geo News programme "Geo Pakistan", Saqib said the government-established Council is tasked with creating a regulatory framework for cryptocurrency and blockchain activity. Its mandate includes setting up a licensing system and exploring ways to generate revenue from crypto-related operations.

According to Saqib, Pakistan is currently among the top countries in the world in terms of crypto adoption, with an estimated 20 million users. He highlighted blockchain’s potential to enhance key sectors, particularly overseas remittances, worth more than $30 billion annually, as well as real estate and agriculture.

He said the Council's work will focus on ensuring consumer protection through proper oversight. A secure, regulated environment, he added, would help reduce the risk of losses and increase transparency in the crypto space.

Addressing concerns over the misuse of digital currencies, Saqib cited global figures showing that only 0.24% of cryptocurrency transactions are linked to illicit activity. He stressed that while bad actors exist in every new industry, the technology itself should not be equated to them.

Saqib did not provide a timeline for when crypto might become legal in Pakistan, but said efforts were underway to develop a comprehensive regulatory framework. He said the council is learning from countries that have already legalised crypto, with the aim of crafting Pakistan-specific regualtions.

Highlighting the need for technological upskilling, Saqib stressed that Pakistan’s youth are its greatest asset. He warned that Pakistan risked falling behind in emerging technologies like blockchain and AI. He said that India had launched its national blockchain paper in 2019 and initiated its AI programme years earlier, putting it 5-7 years ahead of Pakistan in these areas.

Saqib also referred to Pakistan’s position as one of the world’s top freelancing markets, but said that poor policy implementation has limited the youth’s ability to stay competitive in global tech sectors.