- Binance founder CZ has been appointed Strategic Advisor to Pakistan’s Crypto Council
- Pakistan is eyeing regulated crypto growth, aiming to become a regional Web3 hub
In a significant move that underscores Pakistan’s growing interest in digital assets, Binance founder Changpeng Zhao has been named a Strategic Advisor to Pakistan’s Crypto Council.
This appointment, confirmed by the country’s finance ministry and reported by Bloomberg on 7 April, reflects Pakistan’s intent to solidify its presence in the global crypto and blockchain ecosystem.
How will Zhao’s advisory role prove beneficial to Pakistan’s crypto growth?
Zhao’s advisory role is expected to span key areas such as regulatory strategy, infrastructure development, and broader crypto adoption initiatives. The decision was finalized during a high-level meeting chaired by Finance Minister Senator Muhammad Aurangzeb, where Zhao engaged with members of the Crypto Council.
As part of his responsibilities, Zhao will contribute to building a balanced framework that upholds legal compliance while nurturing innovation in the digital finance space.
Remarking on the same, Mr Aurangzeb noted,
“With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”
Pakistan’s crypto mindset
Back in March, Crypto Council CEO Bilal bin Saqib shared with Bloomberg that Pakistan aims to establish a well-defined regulatory structure for digital assets.
“Pakistan is done sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a low-cost high-growth market with […] a Web3 native workforce ready to build.”
Pakistan’s potential as a crypto hotspot has been widely recognized, driven by its young population, extensive diaspora, and an active underground market for foreign currency exchanges.
In response to growing concerns over illicit trade, the government intensified its crackdown on black market dollar transactions late last year.
This move led to a noticeable uptick in remittances flowing through official channels, highlighting the country’s readiness for more regulated and transparent financial alternatives, such as digital assets.
Expanding on the matter, John Ashbourne, an economist at Fitch Solutions, told Bloomberg,
“This increase might be because remittances that had previously been sent using the black market are now being sent via official channels.”
What are the numbers saying?
Pakistan’s growing prominence in the global crypto space is further underscored by its strong performance in Chainalysis’ 2024 Crypto Adoption Index. There, it scored highly thanks to active retail participation and robust transaction volumes on centralized platforms.
The appointment of Changpeng Zhao as a strategic advisor follows his broader regional engagements. This includes a recent partnership with Kyrgyzstan’s National Investment Agency, one aimed at boosting Central Asia’s Web3 ecosystem.
Together, these developments reflect a broader strategy to position Pakistan and the region as key players in the evolving digital economy.
