The Pakistani government has officially launched Pakistan Crypto Council (PCC) to regulate and integrate blockchain technology and digital assets in the country’s financial system, according to a declaration of the Finance Department.

The message follows the recent appointment of Bilal Bin Saqib as chief adviser to the Minister of Finance for the Council. PCC is a government-supported initiative designed to regulate, promote and incorporate blockchain and cryptocurrency innovations in Pakistan’s financial framework.

A statement from the Finance Department described the formation of the council as a significant step in the country’s efforts to adopt digital financing and place it as a key player in the global shift against blockchain technology.

The council will be led by Finance Minister Muhammad Aurangzeb, with its immediate board of directors, consisting of the governor of the State Bank of Pakistan, the chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Secretary of Law and the Federal IT Secretary.

The various management structure aims to ensure a balanced approach to regulatory supervision, financial stability, legal framework and technological advances.

Aurangzeb noted the launch and emphasized Pakistan’s desire to lead in the digital financing room.

“The creation of Pakistan Crypto Council is a step towards embracing innovation, while creating a regulatory framework that protects investors and the financial system,” he said.

He also highlighted the country’s obligation to promote a responsible and progressive crypto ecosystem for economic growth.

Bilal Bin Saqib emphasized the importance of the council and stated that its focus extends beyond regulation to create an environment where blockchain and digital funding can thrive.

He repeated the council’s goal of making Pakistan a competitive player in the global digital economy while prioritating security, transparency and innovation.

PCC’s priorities include the establishment of clear regulatory guidelines for facilitating cryptocurrency action, engaging in international crypto and blockchain organizations to ensure best practice and promote responsible innovation.

In addition, the Council will collaborate with the most important stakeholders in the industry such as Fintech startups, investors and blockchain developers, while focusing on consumer protection and financial security through robust legal and compliance framework.