Pakistan has significant opportunities in applying blockchain technology across key sectors, including overseas remittances, real estate, and agriculture, CEO of the Pakistan Crypto Council (PCC) and Chief Advisor to the Finance Minister Bilal Bin Saqib said.
Speaking on Geo News’ Geo Pakistan, Saqib stated that Pakistan ranks among the top countries for crypto adoption, with nearly 20 million users. He emphasised that blockchain could help streamline remittances—valued at over $30 billion annually—and improve transparency in real estate and agricultural transactions.
Saqib outlined PCC’s mandate, which includes establishing a regulatory framework for cryptocurrency and blockchain activities. The council is working on a licensing system and exploring revenue generation models to ensure a structured crypto ecosystem in Pakistan.
While addressing concerns about digital currency misuse, Saqib cited global data showing that only 0.24% of crypto transactions are linked to illicit activities. He stressed that bad actors exist in all industries, but the technology itself should not be dismissed due to their actions.
He did not specify a timeline for crypto legalisation in Pakistan but noted that the PCC is studying global regulatory models to craft Pakistan-specific regulations.
Saqib also warned that Pakistan risks lagging behind in blockchain and AI development. He pointed out that India launched its national blockchain paper in 2019 and initiated AI programs years earlier, putting it five to seven years ahead of Pakistan.
Despite being a top global freelancing hub, Pakistan’s youth face challenges due to weak policy implementation, he added. Saqib urged policymakers to support technological upskilling to ensure competitiveness in the global digital economy.