Pakistan is planning the encryption law to attract foreign investment
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Pakistan is working on developing a legal framework for cryptocurrency to enhance foreign investment in the country.
Pakistan plans for encryption laws
Bilal Bin Sakib, CEO of the Pakistan Cheap Council, stressed the countryβs commitment to establish clear regulations that enhance business growth. In an interview with Bloomberg on March 20, he said: βPakistan ends on the margin; we want organizational clarity and the legal framework that is friendly to business.β
Sakib expressed his ambition to establish Pakistan as a Blockchain financing leader, with the aim of attracting international investors. He highlighted the countryβs young population, with 60 % of citizens under the age of 30, and a skilled WEB3 worker is ready to innovate in the digital space. According to Blockchain Analytics Chainalysis, Pakistan ranked ninth in the adoption of global encryption in 2024. Saqib also estimated that there are up to 20 million encryption users in the country.
He also praised former US President Donald Trump for his efforts to strengthen the cryptocurrency, describing him as βthe largest incentive for encryption in history.β Trump has taken steps to create Bitcoin reserves and collect encryption assets that have been confiscated to the government. Sakib noticed, βTrump makes encryption a national priority, and every country, including Pakistan, will need to follow its example or risk to abandon.β
Saqib stressed that this is just the beginning of the countryβs journey towards Blockchain and Cryptocurrency. βPakistan is open to work,β emphasized.
He also pointed out that developing countries such as Pakistan and Nigeria will greatly benefit from Blockchain and Cryptocurrency. By using Blockchain for transfers and trade, Saqib explained, that these countries can reduce their dependence on traditional banking services, 5-9 % transaction fees, and create more efficient boundary payment networks.
Also read: India imposes 70 % tax penalty on unwilling encryption gains
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