news 
Pakistan Recruits Former Binance CEO Changpeng Zhao to Boost Cryptocurrency Adoption
In a major move, Pakistan has appointed former Binance CEO Changpeng “CZ” Zhao as a strategic advisor to the country’s Crypto Council. This significant appointment comes amid efforts to boost cryptocurrency adoption and develop a regulatory framework for digital assets.
Zhao, who resigned as CEO of Binance in November 2023 after pleading guilty to charges related to violating US money laundering laws, brings with him an immense wealth of experience in the cryptocurrency space. As the former head of one of the world’s largest exchanges, he is well-versed in navigating regulatory hurdles and fostering a positive environment for innovation.
Pakistan has been actively seeking to tap into the potential of the blockchain industry to strengthen its economy. The country received approximately $35 billion in annual remittances, which could benefit from blockchain technology. A recent KuCoin survey revealed that 33% of local crypto investors use digital assets to hedge against the Pakistani rupee’s devaluation, highlighting the sector’s growth and untapped potential.
The appointment is seen as a significant milestone for Pakistan’s efforts to create a favorable environment for cryptocurrency adoption and innovation. Finance Minister Senator Muhammad Aurangzeb, who chairs the Crypto Council, has emphasized the government’s commitment to crypto development, stating that “Pakistan is open for innovation.”
Zhao’s involvement could help Pakistan attract foreign investment in an industry that has become increasingly strategic. His expertise may also assist in developing a regulatory framework for digital assets, mirroring the progressive stance of nations like Singapore, Dubai, and Switzerland.
The country’s focus on cryptocurrency adoption comes amid efforts to address economic challenges following its narrow avoidance of financial default in 2023. The recent increase in formal remittances during a nationwide crackdown on black market dollar trades suggests that Pakistan is taking steps to strengthen its economy.
It remains to be seen how Zhao’s appointment will shape the country’s approach to cryptocurrency regulation and adoption. However, it is clear that Pakistan is making significant strides towards embracing innovation and paving the way for growth in an increasingly decentralized world.
Read More
Source: https://coincentral.com/pakistan-recruits-former-binance-ceo-changpeng-zhao-to-boost-cryptocurrency-adoption/
