Roadmap for cryptocurrency: PCC charts future with blockchain, calls for unified regulation

ISLAMABAD: The Pakistan Crypto Council (PCC), in its inaugural meeting on Friday, decided to move towards blockchain technology as the future roadmap for cryptocurrency. It directed relevant regulators to develop a consolidated approach instead of working in silos.

The blockchain technology is a distributed digital ledger that records transactions in a secure, transparent, and immutable way, often used for cryptocurrencies, but with applications extending to various industries.

Instead of being stored in a single location (like a traditional database), blockchain data is replicated and distributed across a network of computers (nodes).

The inaugural meeting of the Pakistan Crypto Council (PCC) was held on Friday under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The meeting was attended by key figures, including the CEO of the PCC, Bilal Bin Saqib, the governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan (SECP), and the federal IT and law secretaries, all of whom are members of the PCC.

The meeting focused on Pakistan’s untapped potential in the crypto space, with CEO Bilal bin Saqib presenting a comprehensive vision and mission for the council. His presentation highlighted the current state of Pakistan’s crypto landscape, shedding light on challenges and barriers to the widespread adoption of cryptocurrencies. A major area of discussion was the need for regulatory clarity to unlock the full potential of the sector.

The CEO Saqib emphasised the importance of regulatory models and use cases, particularly in the region, that could be tailored to Pakistan’s unique context. He also presented the concept of leveraging Pakistan’s surplus electricity for Bitcoin mining, potentially turning the country’s liabilities into assets.

Senator Aurangzeb praised the vision and underscored the critical role of the council in shaping Pakistan’s future in the digital asset space.

He emphasised that the Pakistan Crypto Council will serve as an umbrella platform, uniting all relevant stakeholders and regulatory bodies to work collaboratively towards a comprehensive, responsible, and forward-looking crypto regulatory framework.

“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies,” he said.

The minister emphasised that while Pakistan could learn from global best practices, the country must ensure that its business and revenue models are firmly rooted in local realities. He also pointed out the need to build on the existing work done by various entities and groups, leveraging their knowledge and experience.

Council members, including the Governor of the State Bank of Pakistan, Chairman of SECP, and federal IT and law secretaries, also contributed to the discussions, highlighting the need for a well-defined regulatory framework, legislation, and licensing regimes.

They emphasised the importance of consumer protection, blockchain mining, and a national blockchain policy. The importance of sequencing the rollout, running pilot programmes, and ensuring adherence to international obligations was also discussed.

The meeting concluded with a shared commitment to carefully charting a path forward, ensuring Pakistan can fully tap into the potential of blockchain and cryptocurrencies while safeguarding the country’s economic interests.