According to a Finance Division statement, the Pakistani government has formally launched the Pakistan Crepto Council (PCC) to organize and integrate blockchain technology and digital assets into the country’s financial system.
Following the announcement, the recent finance minister is following the recent appointment of Finance Minister Bilal Bin Suqib. The PCC is a government -backed move designed to manage, promote and include blockchain and cryptocurrency innovations in Pakistan’s economic framework.
In a statement from the Finance Division, the establishment of the Council has been described as an important step in the country’s efforts to adopt digital finance, and has been positioned as a key player in the global shift toward blockchain technology.
The council will be headed by Finance Minister Mohammad Aurangzeb, the Governor of the State Bank of Pakistan, the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Law Secretary, and the Federal IT Secretary.
The purpose of the diverse leadership structure is to ensure a balanced approach to regulatory monitoring, financial stability, legal framework and technological development.
Aurangzeb gave remarks on the launch, and he emphasized Pakistan’s desire to lead digital finance.
“The establishment of the Pakistan Crypto Council is a step towards accepting innovation, while ensuring that we create a regulatory framework that protects investors and the financial system,” he said.
He also highlighted the country’s commitment to promote a responsible and progressive crypto environment system for economic growth.
Bilal Bin Sakib emphasized the importance of the council, which states that its focus is beyond the rule to create an environment where blockchain and digital finance can flourish.
He reaffirmed the purpose of the Council to make Pakistan a competitive player in the global digital economy, preferring security, transparency and innovation.
PCC’s priorities include setting up clear regulatory guidelines, engaging with international crypto and blockchain organizations to facilitate the adoption of cryptocurrency to ensure the best methods, and promote responsible innovation.
In addition, the Council will work with key industry stakeholders such as fantasy startups, investors and blockchain developers, while also focusing on consumer protection and financial protection through strong legal and compliance framework.
