Pakistan is planning to establish a legal framework for the cryptocurrency sector to attract international investors.
Bilal Bin Saqib, CEO of the Pakistan Crypto Council, emphasized the need for regulatory clarity and a business-friendly legal framework. He expressed the country's goal of becoming a leader in blockchain-based finance and highlighted the potential of Pakistan's young population, with a significant portion being inclined toward Web3 technologies.
Saqib also pointed out the significant benefits of blockchain and cryptocurrency adoption for developing countries. He noted that Pakistan and Nigeria could reduce their reliance on traditional banking by using blockchain for remittances and trade, potentially lowering transaction fees between 5-9%.
With around 20 million cryptocurrency users, Pakistan has seen substantial growth in this sector.
