Pakistan set to legalize cryptocurrency in bid to lure foreign investments: Report

Pakistan is planning to create a legal framework for cryptocurrency trading in a bid to lure international investment, reports have suggested. The country aims to devise a clear regulatory framework for governing digital-asset activities to boost the local ecosystem, said Bilal Bin Saqib, chief executive officer at Pakistan Crypto Council, in an interview with Bloomberg TV.

Saqib, as quoted by The Crypto Times, said Pakistan wants to set a clear regulatory framework for cryptocurrencies in order to attract foreign investment. The statement by Saqib comes after Pakistan Prime Minister Shehbaz Sharif set up national crypto council to promote blockchain technology.

"Pakistan is done sitting on the sidelines. 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 added in Bloomberg interview.

If Pakistan, indeed, legalizes crypto, it will become the first South Asian nation to do so, racing ahead of its giant neighbor India, that has seen cryptocurrencies with disdain. Apart from Pakistan, Bhutan government is proactively engaged in Bitcoin mining but cryptocurrencies are not legal tender in the country.