Pakistan has formally appointed Changpeng Zhao, popularly known as CZ, the mastermind behind Binance, as a strategic advisor to its new Pakistan Crypto Council (PCC). The major development came after Zhao visited Islamabad, where he met with top government officials such as Prime Minister Shehbaz Sharif and Finance Minister Senator Muhammad Aurangzeb. Notably, the PCC plans to develop a regulatory framework for digital assets in Pakistan.
Zhao’s Role in Pakistan’s Digital Finance
Zhao’s appointment is an important milestone for Pakistan in its quest to become a global leader in blockchain tech and digital finance. As a strategic advisor for the PCC, Zhao will contribute expertise in cryptocurrency regulation, infrastructure building, and talent establishment.
Zhao underscored Pakistan’s enormous potential by highlighting its population of 240 million, over 60% of whom are below 30 years old, which is an age factor that creates tremendous room for growth in digital finance.
The Finance Division stated that the PCC operates under the Finance Ministry and aims to build a competitive and inclusive crypto ecosystem for Pakistan. “We are sending a clear message: Pakistan is open for innovation,” Finance Minister Aurangzeb stated.
Working with Government Leaders
During his visit, Zhao participated in sit-down meetings on his visit with heads of the central bank and securities commission. These meetings allowed coordination of the PCC’s plans with those of the government. Through intensive interaction with these leaders, Zhao aims to ensure that Pakistan’s development of blockchain technology harmonizes with global best practices.
Zhao’s extensive background in building Binance to a top cryptocurrency exchange globally will prove highly beneficial. Consequently, the PCC CEO Bilal Bin Saqib said he hoped that Zhao’s leadership would pave the way for Pakistan to become a regional digital finance hub.
Pakistan’s Emerging Crypto Market
Pakistan’s eagerness to embrace digital currencies is evident. Pakistan ranks third in the world for crypto adoption, counting 20 million users and over $20 billion in crypto transactions. Moreover, with remittance inflows exceeding $35 billion annually, there is enormous potential for incorporating cryptocurrencies into regular financial transactions.
Zhao supplemented, “The potential here is limitless,” citing the excitement for blockchain prospects in Pakistan. Indeed, the role of the strategic advisor is essential for ensuring that Pakistan develops a framework that promotes innovation while aligning with legislation.
Implications of the Appointment
Zhao‘s leadership in strategy will aid in building educational content about digital assets, thereby enhancing public engagement and awareness. His previous cooperation, including a recent agreement with Kyrgyzstan to develop its blockchain infrastructure, indicates his focus on building capacity through education and consulting services.
With Pakistan adopting this digital revolution, the PCC hopes to enact laws safeguarding users and fostering a healthy crypto economy. This action represents a significant step toward acknowledging the role of blockchain technology in economic development.
