Pakistan establishes cryptocurrency committee to regulate blockchain and digital assets

Pakistani government has established the Pakistan Crypto Currency Committee (PCC), responsible for overseeing the integration and use of blockchain technology and digital assets in the country's financial sector. The agenda of the PCC includes developing clear guidelines for the adoption of cryptocurrencies, collaborating with international cryptocurrency and blockchain organizations, and promoting responsible innovation. The committee will also focus on consumer protection and financial security through robust legal and compliance frameworks.

Finance Minister Muhammad Aurangzeb will serve as the chairman of the committee, leading a diverse committee that includes senior officials from major financial and regulatory institutions. The leadership includes the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Minister for Law and Information Technology, aiming to take a comprehensive approach to regulatory supervision, financial stability, and technological advancement.

Pakistan is currently one of the countries with the highest adoption rates of cryptocurrencies, with an estimated 20 million active cryptocurrency users and a cryptocurrency trading volume exceeding $20 billion.