Pakistan is poised to become one of Asia’s leaders in the regularization of cryptocurrency and blockchain technologies, thanks to a bold new strategy led by the Pakistan Crypto Council (PCC) and backed by government stakeholders. At the center of this initiative is Bilal Bin Saqib, MBE—CEO of the Pakistan Crypto Council and Chief Advisor to the Finance Minister—who envisions Pakistan becoming a hub for Web3 innovation, despite international skepticism and local controversy.
The Changpeng Zhao Controversy
Central to the debate is the appointment of Changpeng Zhao (CZ)—founder of Binance and one of the richest individuals in crypto—as Strategic Advisor to the Pakistan Crypto Council. While CZ recently pleaded guilty to money laundering charges in the U.S. and stepped down from Binance as part of a record $50 million personal settlement, his involvement has sparked both criticism and curiosity.
Critics argue that associating with a convicted individual could tarnish Pakistan’s global image, especially as the country just exited the FATF grey list. But Bilal Bin Saqib defends the decision:
He points to similar cases: Elon Musk facing lawsuits, Steve Jobs being ousted from Apple. “Innovation isn’t linear,” he says. “But those who learn and build leave legacies.”
Strategic Vision: From Grey List to Global Crypto Player
Bilal Bin Saqib with CZ—driving innovation with the vision to turn a rickshaw into a supercar!
The U.S. case against @cz_binance was largely about evolving compliance laws, not user fraud or theft. @binance , in fact, maintained strong user trust throughout the ordeal. @Bilalbinsaqib argues that partnering with someone who has navigated such global legal waters equips Pakistan with valuable insight:
Tackling the Money Laundering Concerns
With Pakistan’s history of financial opacity, critics are worried that crypto could be weaponized by corrupt elements. But Saqib dismisses this as outdated thinking:
- Only 0.24% of global crypto transactions are linked to illicit activity.
- Blockchain offers more transparency than traditional banking—every transaction is traceable.
- Pakistan plans to implement robust KYC & AML policies, along with blockchain tracking tools like Chainalysis, to monitor illicit flows.
Unlocking the Benefits: Why Crypto Matters for Pakistan
Pakistan has already ranked among the top 3 global adopters of crypto, with over 20 million users and more than $20 billion in transactions in 2021. As a country with a massive remittance economy and a young, tech-savvy population, Pakistan stands to gain immensely from crypto’s integration into mainstream finance.
Key Benefits of Pakistan’s Crypto Strategy:
- Cross-border Payments: Lower remittance costs using blockchain-based payments.
- Regulatory Clarity: Legal frameworks that promote growth while ensuring compliance.
- Exchange Licenses: Safe and legal trading platforms.
- RWA Tokenization: Linking real-world assets like real estate to the blockchain.
- Energy-Efficient Mining: Utilizing surplus energy to mine Bitcoin and create revenue.
- Web3 Talent Development: Upskilling Pakistan’s huge freelance workforce in blockchain tech.
Conclusion: The Opportunity and the Risk
Pakistan’s crypto gamble is as bold as it is risky. By associating with global figures like CZ and pushing forward on legal reforms, Islamabad is making a strong statement: it wants to lead, not follow.
However, critics warn that scandals must be addressed transparently and that regulation must be real—not just performative. If successful, Pakistan could become the blueprint for crypto regulation in emerging markets.
But if it fails? The damage could extend beyond lost investments—undermining trust in both the economy and governance structures.
For now, the eyes of Asia—and the world—are on Islamabad.
