news 
Pakistan has made a significant move in embracing crypto innovation by appointing Changpeng Zhao, also known as CZ, the founder of Binance, as its new crypto advisor. This recent development underscores the country’s shifting stance on cryptocurrency, which was previously met with skepticism.
As reported by local media outlets, Pakistan’s central bank, State Bank of Pakistan (SBP), has taken this bold step to rebrand itself as a forward-thinking nation that recognizes the potential of digital assets in driving economic growth and innovation. This is a major departure from its previous stance, which had been opposed to crypto adoption.
This significant shift in policy comes at a time when Pakistan faces severe economic challenges, including high inflation rates and a widening trade deficit. The government believes that embracing cryptocurrency can help address these issues by providing an alternative financial system, increasing financial inclusion, and attracting foreign investment.
CZ’s appointment as the new crypto advisor is seen as a strategic move to create a compliant, inclusive, and globally competitive crypto ecosystem. Pakistan is now poised to become one of the first countries in the region to recognize the potential benefits of decentralized finance (DeFi) and its associated technologies.
Pakistan’s financial sector has been facing severe challenges due to years of mismanagement and corruption, leading to high inflation rates and currency devaluation. By embracing crypto, the government aims to create a new economic paradigm that can help stabilize the economy and improve living standards.
It is worth noting
Source: https://u.today/binance-founder-cz-becomes-pakistans-crypto-advisor
