Forget Dubai and Singapore, Pakistan has big plans!
They want to become the top crypto hub in South Asia. Bilal Bin Saqib, CEO of the Pakistan Crypto Council, recently announced this goal in an interview with Bloomberg.
This shows Pakistan is serious about using digital money and blockchain tech.
Why Now? Why This Plan for Pakistan?
Why is Pakistan making this move now?
It’s a great time, says Bilal Bin Saqib. Pakistan has a young population that loves technology.
The country’s money tech (fintech) industry is also growing fast.
Plus, many people in Pakistan already use crypto – we are ranked #3 in the world for crypto use!
Beyond Pakistan’s own potential, there’s a global shift happening.
Big countries like the US are starting to embrace crypto. Bilal Saqib mentioned the US, saying Pakistan needs to keep up and not get left behind.
you can watch the full interview here.
Bilal Bin Saqib Interview to Bloomberg
Pakistan’s Crypto Plan: Clear Rules, Investment, and Growth
The Pakistan Crypto Council is helping the government plan this crypto push. Here are their main steps:
- Clear Crypto Rules: Pakistan wants to create simple and clear rules for crypto businesses. This will encourage new ideas and investment.
- Crypto for Everyone: They want banks and regular businesses to use blockchain, not fight against it.
- Bring in Global Money: Pakistan wants crypto companies from around the world to set up shop there. It’s cheaper to run a crypto business in Pakistan than in places like Dubai or Singapore. Plus, Pakistan has a lot of talented young people ready to work in this field.
- Test Zones for Crypto: Pakistan will create “test zones” (regulatory sandboxes) for new crypto companies. This will let them try out new things in a safe and controlled way, making it easier to start a crypto business.
- Learn from the Best: Pakistan is talking to countries like the UAE, Nigeria, Turkey, Singapore, and Hong Kong to learn how they handle crypto rules and build their crypto industries.
Smart Taxes for Crypto Growth
Pakistan knows that taxes are important, but they want to be smart about it.
They don’t want to make the same mistake as India, which taxed crypto too much and hurt the industry.
Pakistan wants to create tax rules that help crypto businesses grow, bring in investment, and prevent people from taking their money out of the country.
Bitcoin’s Future Looks Bright
Bilal Saqib also thinks Bitcoin’s future is strong. He pointed out that even big governments like the US are now interested in Bitcoin, seeing it as a valuable asset. With limited supply and rising prices in general, Bitcoin is likely to go up in value over time, he believes.
Pakistan and Crypto: A Country to Watch
Pakistan’s goal to become a top crypto center is exciting. It won’t be easy to create the right rules and attract global companies.
But with a strong plan and a lot of young people interested in crypto, Pakistan could become a major player in the crypto world.
Do you think Pakistan can become a crypto leader? What are the biggest challenges and chances for us? Share your thoughts in the comments!
