• Crypto trade remains popular in Pakistan despite the central bank’s warnings.
• Pakistan ranks ninth globally in terms of crypto recording, the report says.
• “We want to attract international investment,” says CEO of Pakistan Crypto Council.
  

Karachi: In an attempt to lure international investment, Pakistan plans to create a legal framework for trade in cryptocurrency, reported Bloomberg.

In an interview with Bloomberg TVPakistan Crypto Council CEO Bilal Bin Saqib said the country is aiming to devise a clear regulatory framework for managing digital activities to increase the local ecosystem.

Crypto trade is already popular in the South Asian nation – the world’s fifth largest by population – despite central bank warnings about the risks of the industry.

Pakistan ranks ninth globally in terms of crypto uptake, according to chainalysis. There are about 15 million to 20 million crypto trolleys in Pakistan, Saqib said in the interview.

“Pakistan has finished sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a cheap market for high growth with 60% of the population under 30. We have a native workforce in Web3 ready to build.”

The legalization plan comes after the appointment of Saqib as chief adviser to the Minister of Finance for the management of digital assets earlier this month. He will also advise on exploring the use of artificial intelligence to improve government efficiency, optimize decision -making processes and run innovation in public sector operations, according to Bloomberg report.

Legislators in some of Asia’s most important markets for digital assets are warming to the industry, spurred by Donald Trump’s pro-crrypto agenda in the United States.

“Trump makes crypto a national priority and each country including Pakistan will have to follow,” Saqib said.