PAKISTAN HAS JUST pulled off a masterstroke in its digital finance journey by bringing on board one of the crypto world’s biggest names. Binance founder Changpeng Zhao – better known as CZ – has been appointed as a Strategic Adviser to the Pakistan Crypto Council (PCC), a body set up to help integrate blockchain technology into the country’s financial system. Announced at a high-level meeting chaired by Finance Minister Muhammad Aurangzeb and attended by top regulators, CZ’s appointment signals unprecedented top-down support for cryptocurrency in Islamabad. The fact that Pakistan’s Prime Minister and Deputy Prime Minister also met with CZ during his visit underscores the high-level political will behind this move. In a nation often starved for good economic news, this development is being celebrated as nothing short of transformative.
“This is a landmark moment for Pakistan,” Finance Minister Aurangzeb declared at the announcement. At long last, Pakistan is sending a clear message: the country is open for innovation and ready to embrace the future. With CZ on board advising the PCC, the government says it is accelerating its vision to make Pakistan a “regional powerhouse for Web3, digital finance, and blockchain-driven growth.” Bilal Bin Saqib, the entrepreneur appointed as PCC’s CEO and chief adviser to the finance minister, echoed the optimism. “Pakistan is opening its doors to the future of finance,” he said, adding that no one could be better than CZ to guide us on this journey – after all, CZ is a pioneer who built the world’s largest crypto exchange and changed how billions think about financial freedom. Such ringing endorsements from Pakistan’s financial leadership show a confident, almost exuberant, belief that the country is poised for a crypto revolution.
The Pakistan Crypto Council itself is a recent creation, officially launched just last month to “regulate and integrate blockchain technology and digital assets” into the national financial landscape. In February, after meeting a foreign delegation of crypto experts, officials began laying the groundwork for this council, and by March the government had appointed Bilal Bin Saqib as chief adviser to spearhead it. Now, with CZ joining as a strategic adviser, the council has a heavyweight champion in its corner. According to the Finance Division’s statement, CZ will guide Pakistan on critical fronts – regulation, infrastructure, education, and adoption – working closely with both government and industry to build a compliant, inclusive, and globally competitive crypto ecosystem. The intent is clear: Pakistan doesn’t just want to allow crypto, it wants to thrive on it. “The potential here is limitless,” CZ himself remarked, noting Pakistan’s 240 million population with over 60% under the age of 30. It’s rare to see such full-throated enthusiasm from both government and industry for a tech initiative – and it’s exactly what Pakistan needs to vault itself into the digital future.
Pakistan’s crypto evolution
What makes this moment truly remarkable is how far Pakistan’s stance on cryptocurrency has evolved. Not long ago, the idea of inviting a global crypto titan into the halls of power would have been unthinkable. For years, Pakistan took a hard line on crypto. The State Bank of Pakistan effectively banned banks from dealing in cryptocurrencies back in 2018. As recently as mid-2023, policymakers were voicing outright hostility – “Cryptocurrencies will never be legalised in Pakistan,” declared Aisha Ghaus Pasha, then Minister of State for Finance, during a Senate briefing. That hardline stance, driven by concerns over money laundering and pressure to meet international norms, cast a long shadow over Pakistan’s crypto community. Enthusiasts operated in a grey area, with exchanges curtailed and no regulatory clarity in sight. It is a testament to how quickly tides can turn that less than two years after such pronouncements, we now see Pakistan’s government pivot 180 degrees – not only acknowledging crypto but actively courting its leaders. A court in the Sindh province had urged the federal government as early as late 2021 to devise modalities for crypto regulation, and the Securities and Exchange Commission of Pakistan (SECP) had been studying crypto frameworks since 2020. Yet progress was slow and cautious. Today, however, Pakistan’s leaders are making up for lost time with bold steps, choosing engagement over prohibition. The launch of the PCC and the high-profile recruitment of CZ mark the definitive end of the “ban era” and the beginning of a new chapter of constructive regulation.
The youth, and digital
If any country in South Asia is ripe for a crypto boom, it’s Pakistan. The nation is young – very young – and increasingly digital. More than 60% of Pakistanis are under 30, part of a tech-savvy generation that has grown up with the internet and smartphones. Mobile penetration has been a driving force: there are nearly 140 million 3G/4G users in Pakistan as of the end of 2024, and affordable smartphones put financial apps and crypto wallets into ever more hands. Even without formal government backing in recent years, Pakistanis have flocked to cryptocurrencies in droves. By late 2021, it was estimated that Pakistani citizens held around $20 billion worth of crypto assets—an astonishing figure that spoke to pent-up demand for alternative investments and digital finance. In fact, Pakistan ranked third in the world in Chainalysis’s Global Crypto Adoption Index for 2021, trailing only Vietnam and India. That ranking underscored how ordinary Pakistanis, from urban freelancers to remittance receivers, were embracing crypto as a tool for commerce and savings. One analysis even suggested that the number of crypto investors in Pakistan exceeded the number of people invested in the local stock market. This grassroots appetite for crypto grew in an uncertain legal vacuum – imagine what could happen now, with the government itself championing the cause. The digital energy of Pakistan’s youth is a formidable force, and with proper regulation and education, it can be channeled to supercharge the country’s fintech sector. CZ’s involvement promises to bring educational initiatives to improve crypto literacy, helping young Pakistanis turn from mere crypto users into blockchain innovators.
Crucially, embracing crypto isn’t just about trendy apps or speculative trading; it aligns with Pakistan’s real economic needs. Take remittances for example – Pakistan is one of the top ten recipients of money from citizens working abroad, receiving billions of dollars that prop up households and foreign exchange reserves. The PCC’s advisers have noted that blockchain technology could streamline these remittance flows, making them faster and cheaper. Cheaper transactions mean more money in the pockets of ordinary families and less lost in fees – a tangible national benefit. Moreover, fintech solutions built on blockchain can broaden financial inclusion in a country where a large segment of the population remains unbanked. The transformative potential ranges from giving an overseas worker a cost-effective way to send money home, to enabling a small business in Karachi to access global markets via decentralised finance. With its young population hungry for opportunities, Pakistan stands to leapfrog into the modern digital economy. The appointment of CZ is a signal to that youth: your country believes in innovation, and it’s investing in the technologies you care about.
Investor confidence
Pakistan’s pivot towards crypto and Web3 comes at a time when confidence in the country’s economic prospects is desperately needed – and interestingly, when investor optimism is already stirring in other areas. The Pakistan Stock Exchange has been on an absolute tear recently. In 2024, the benchmark KSE-100 Index surged approximately 85%, marking one of the most robust annual stock market performances in Pakistan’s history and indeed one of the strongest globally. This stunning rally—the KSE-100 was among the top performing indices in the world last year—has been a bright spot signaling investor faith that Pakistan can turn the corner on its economic challenges. While underlying economic issues persist, the stock market’s climb shows that when given a glimmer of hope, investors are ready to bet on Pakistan’s future. It is this same spirit of optimism that the government is now trying to harness in the digital domain. If global funds and local investors could pour money into stocks on mere anticipation of reforms, imagine the influx of capital and talent if Pakistan truly opens its doors to the $1 trillion crypto industry.
The stock market’s exuberance is more than just numbers on a trading screen – it reflects a renewed risk appetite and a search for growth opportunities. Young Pakistanis saw fortunes being made in tech stocks and even in crypto abroad, and they want a piece of that action at home. By legitimising and regulating crypto activities, Pakistan can unlock new avenues for investment and innovation that complement its traditional markets. A thriving crypto sector could attract venture capital, boost tech startups, and create jobs, much as the government’s own economic advisors have envisioned. The timing of CZ’s appointment capitalises on a window where sentiment about Pakistan’s future is cautiously upbeat – the IMF’s support has steadied the macroeconomic ship, inflation has begun to ease, and a competent caretaker setup has signaled pro-business reforms. Adding crypto into this mix could amplify the momentum. When the Finance Minister proclaims Pakistan “open for innovation,” it is also a welcome message to investors at home and abroad: innovation will be rewarded, not stifled. The surge of the PSX shows that investors are listening; now, with the PCC and CZ, Pakistan is giving them something novel to get excited about.
Pakistan amongst Singapore, Dubai, and Switzerland
Pakistan’s crypto ambitions are no longer in the shadows – they are being compared with the world’s most forward-looking nations. The official press release for CZ’s appointment explicitly stated that Pakistan aims to join the ranks of Singapore, Dubai, and Switzerland as a progressive, Web3-ready nation. This is a bold and encouraging benchmark to set. Singapore has become a global fintech hub by marrying innovation with sensible regulation, attracting major crypto exchanges and blockchain startups. Switzerland’s “Crypto Valley” in Zug hosts hundreds of blockchain companies and has given the world a model for how to integrate crypto into a traditional financial centre. The United Arab Emirates – especially Dubai – has rolled out the red carpet for crypto entrepreneurs, issuing clear licenses and even launching government-led blockchain projects. For Pakistan to put itself in the same sentence as these pioneers is audacious – and absolutely the right mindset. It signals that Pakistan does not intend to remain a passive observer while others shape the next financial revolution. Instead, it’s asserting a desire to be a regional leader and a global contender in the crypto space.
Of course, these comparisons also come with an implicit challenge. If Pakistan wants to emulate the success of Singapore or Switzerland, it will need to follow through with concrete actions: clear regulations, tax incentives, investor protections, and an openness to innovation even when it challenges the status quo. This is where CZ’s expertise will be invaluable. He has seen first-hand how different jurisdictions handle crypto – the mistakes and the triumphs. As an adviser, he can guide Pakistani regulators to craft policies that encourage entrepreneurship but also guard against excesses and fraud. The presence of the Binance founder also boosts Pakistan’s credibility; it’s a signal to global crypto businesses and blockchain developers that Pakistan is serious about becoming a hub. In an industry that moves at breakneck speed, credibility and connections matter. CZ brings both. We can already imagine Pakistan hosting international blockchain conferences, incubating startups, and forging partnerships that were out of reach in the era when crypto was considered a pariah. The transformative potential here is immense: by learning from world leaders and leveraging its own strengths, Pakistan can chart a unique path that combines its local needs (like remittances and financial inclusion) with global best practices in Web3.
At last, a new course for Pakistan
This celebratory moment isn’t just about one appointment – it’s about Pakistan stepping into a leadership role in South Asia’s digital economy. In a region where many governments have been wary of crypto (India’s heavy-handed taxes and Bangladesh’s outright bans come to mind), Pakistan’s decision to embrace and regulate marks a refreshing divergence. It positions the country as a potential trendsetter. Why should advanced tech and finance be the domain of East Asia, the Gulf, or the West? Pakistan is showing that emerging economies can leap ahead if they have the vision and courage to do so. The message being sent is one of confidence: Pakistan believes it can manage the risks of crypto and harness its rewards, just as other ambitious nations have done. By welcoming CZ, Pakistan is effectively saying it wants to be the Singapore of South Asia when it comes to crypto – or better yet, to forge its own identity as a “Digital Pakistan” that others might emulate. Officials have even talked about legalising digital currencies and creating frameworks that attract international investment. The contrast with the past is stark: from banning and fearing crypto, Pakistan now aspires to be a safe haven for it. Such a rapid evolution in policy, driven by both necessity and opportunity, deserves praise.
In the grand sweep of Pakistan’s economic history, this initiative has the potential to be a real game-changer. We have long lamented the missed opportunities – the brain drain of IT talent, the capital flight due to lack of modern investment avenues, the way Pakistani startups often relocate to friendlier jurisdictions. Embracing Web3 and crypto could start to reverse those trends. It offers a chance to create high-tech jobs, bring in foreign investment, and empower the country’s youth to build the next global platforms at home. There will be challenges ahead, no doubt. Skeptics will warn of volatility, fraudulent schemes, and regulatory growing pains – and the government must remain vigilant on those fronts. But the greater risk was always in doing nothing, in letting the world pass Pakistan by. By choosing action and innovation, Pakistan is asserting control over its economic destiny.
This editorial unabashedly celebrates Pakistan’s decision to lean into the crypto future, because it represents the kind of bold, forward-thinking leadership that has too often been missing. In one stroke, Pakistan has moved from the sidelines right to the cutting edge of fintech discourse. The appointment of Changpeng Zhao as a strategic adviser to the Pakistan Crypto Council is more than a symbolic gesture; it’s a practical step with potentially far-reaching benefits. It aligns talent with opportunity, marries Pakistan’s immense human capital with global expertise, and bridges the gap between a youthful population’s aspirations and an establishment ready to listen. It is, in short, the start of something new and exciting.
As we applaud this move, we should also keep sight of what comes next. The true measure of success will be in implementation: the drafting of smart regulations, the launch of pilot projects, the education of consumers and officials alike, and the integration of crypto into the broader economy in a way that complements and strengthens traditional finance. The early signs are encouraging – Pakistan’s leaders are talking not of curbs and crackdowns, but of innovation and inclusion, using the kind of language we normally hear from tech hubs like Singapore. There is a palpable energy and optimism in the air. For a country that has weathered its share of economic storms, this new vision for a Web3-enabled Pakistan is a welcome ray of hope. It tells the world that Pakistan is open for business in the 21st century’s digital economy. And it tells Pakistanis, especially the younger generation, that their dreams of a modern, connected, prosperous nation are not so far-fetched after all.
In embracing a crypto pioneer and charting a progressive course, Pakistan is doing more than just keeping up with the times – it’s daring to lead. That is certainly cause for celebration, and for all the optimism expressed in official statements, one can’t help but share in it. Pakistan’s crypto revolution has a champion now; the road ahead is full of promise. A new digital dawn is breaking in Pakistan, and with the right guidance and resolve, it could light the way for decades of innovation and growth to come.