According to Bloomberg, Pakistan is all set to legalize cryptocurrency to attract more foreign investments. This news was unveiled by Bilal Bin Saqib the Chief Advisor to Pakistan’s Finance Minister in a recent interview.
Saqib explained that Pakistan no longer wants to be a spectator as other countries go forward with crypto. The country wants to bring in investors and he said they aim at clear rules for digital currencies. Pakistan is a low cost, high growth market where 60% of the population is under 30.
“Pakistan is done sitting on the sidelines,” said Saqib. “We want to attract international investment because Pakistan is a low-cost high-growth market with 60% of the population under 30. We have a Web3 native workforce ready to build. “Trump is making crypto a national priority and every country including Pakistan will have to follow suit,” he stated.
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In case Pakistan is successful in legalizing the use of cryptocurrency, it will become the first country in South Asia to do that, ahead of India. Existing crypto businesses work in other countries such as Dubai and Singapore and Pakistan will like to contest with them.
Currently there are about 15 to 20 million Pakistanis who own cryptocurrency and billions of dollars transact on cryptocurrencies in the country. Currently, the government is working on a ‘regulatory sandbox’ that would allow the crypto startups to operate under the legal set of guidelines, said Saqib.
Saqib also revealed that former U.S. President Donald Trump’s pro crypto position is beginning to be felt in the world. As crypto becomes a national priority for the U.S., other countries such as Pakistan must follow suit or they will be left behind, he added.
The government is also planning to introduce crypto-friendly tax policies to attract people to invest. If the plan goes as smooth as rough, Pakistan will not be too far away from being a blockchain and crypto businesses hub.
Also read: Japan Takes Bold Step to Reform Crypto Rules for Stablecoins and Brokerages
