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Pakistan is considering establishing a National Crypto Council as part of its efforts to regulate digital currencies in the country. The move follows recommendations from the International Monetary Fund (IMF) urging Pakistan to expand its tax base to include cryptocurrencies.
The proposed council would serve as an advisory body, comprised of government representatives, regulatory authorities, and industry experts. Its primary objectives would be to develop policy frameworks, address regulatory challenges, and ensure a secure digital asset ecosystem in Pakistan.
Pakistan has historically been skeptical about the adoption of cryptocurrencies, with the State Bank of Pakistan opposing their use in the past. However, the country’s growing cryptocurrency user base and increasing demand for decentralized finance (DeFi) services may be driving this shift in policy.
Pakistan’s efforts to regulate digital currencies aligns with global trends, as many countries are adopting similar measures to balance innovation with consumer protection. The move could significantly boost Binance adoption in the country, which is currently reliant on peer-to-peer trading due to banking restrictions.
Establishing a National Crypto Council would also provide a platform for industry experts and regulatory authorities to collaborate and create a favorable environment for blockchain innovation.
