The Pakistani government was officially launched by the Pakistani Crying Council (PCC) to regulate and integrate blockchain technology and digital assets into the country’s financial system, according to a statement by the Directorate of Finance.
The announcement follows the recent appointment of Bilal Bin Saqib as head of the Council Minister of Finance. The PCC is an initiative supported by the government aimed at regulating, promoting and integrating blockchain and encryption innovation in Pakistan’s economic context.
A statement by the Department of Finance described the Council’s recommendation as an important step in the country’s efforts to adopt digital funding by placing it as a key player in the global shift to blockchain technology.
The Council will be guided by Finance Minister Muhammad Aurangzeb, with its Direct Council including the Governor of the Pakistani State Bank, the Chairman of the Pakistani Securities and Exchange Commission (SECP), the Federal Secretary and the Federal Secretary of Informatics.
The different leadership structure aims to ensure a balanced approach to regulatory supervision, financial stability, legal frameworks and technological developments.
Aurangzeb observed the launch, underlining Pakistan’s desire to lead to the digital funding area.
“The establishment of the Pakistani encryption council is a step towards the embrace of innovation, while ensuring that we are creating a regulatory framework that protects investors and the financial system,” he said.
He also emphasized the country’s commitment to promote a responsible and progressive cryptographic ecosystem for economic development.
Bilal Bin Saqib underlined the importance of the Council, stating that its focus extends beyond the regulation of creating an environment where blockchain and digital funding can thrive.
He reiterated the Council’s goal of making Pakistan a competitive player in the world digital economy, while prioritizing security, transparency and innovation.
PCC priorities include the introduction of clear regulatory guidelines to facilitate encryption, participation in international encryption organizations and blockchain to ensure optimal practices and promote responsible innovation.
In addition, the Council will work with key industry agencies, such as newly established businesses, investors and blockchain developers, while also focusing on consumer protection and financial security through strong legal and compliance.
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