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Pakistan to Establish National Crypto Council for Regulation and Development
Pakistan has announced plans to set up a national crypto council to develop legislation for the cryptocurrency sector, following a meeting with President Donald Trump’s digital asset advisors.
The National Crypto Council
The council will be a dedicated advisory body that consists of government representatives, regulatory authorities, and industry experts. The council’s primary responsibility will be to oversee policy development and collaborate with countries to develop standardized frameworks.
Government’s Shift in Stance
Until last year, Pakistan’s finance ministry had been opposed to regulating cryptocurrencies in the country. However, Finance Minister Muhammad Aurangzeb has now expressed his willingness to look into the matter with an open mind. In a statement, he emphasized the importance of a well-regulated digital asset framework.
Meeting with Foreign Delegation
Aurangzeb recently met with a foreign delegation, which reportedly included President Trump’s digital asset advisors. The move is seen as a significant step towards Pakistan’s efforts to develop a comprehensive framework for cryptocurrencies.
Following the US Lead
Many countries are looking to the United States, which has been moving to create crypto-friendly policies since Trump’s election. The US has been working to create a more favorable environment for cryptocurrencies, and other countries are following suit.
Next Steps
The Pakistan government is expected to provide more details on the establishment of the national crypto council in the coming weeks. The council’s composition and scope will be crucial in shaping the country’s approach to cryptocurrencies.
Conclusion
Pakistan’s decision to establish a national crypto council marks a significant development in the country’s efforts to regulate the cryptocurrency sector. The council’s role in developing a comprehensive framework for digital assets will be crucial in creating a favorable environment for innovation and growth.
FAQs
Q: What is the purpose of the national crypto council?
A: The national crypto council is intended to develop legislation for the cryptocurrency sector and collaborate with countries to develop standardized frameworks.
Q: Who will be part of the national crypto council?
A: The council will consist of government representatives, regulatory authorities, and industry experts.
Q: What is the current stance of Pakistan’s finance ministry on regulating cryptocurrencies?
A: Until last year, the finance ministry was opposed to regulating cryptocurrencies. However, the current finance minister has expressed a willingness to look into the matter with an open mind.
Q: What is the significance of the meeting with President Trump’s digital asset advisors?
A: The meeting is seen as a significant step towards Pakistan’s efforts to develop a comprehensive framework for cryptocurrencies, and is being closely watched by the global crypto community.
