Pakistan authorities created Cryptocurrency council board

The Pakistan government announced the creation of a special council on cryptocurrencies with authority to promote innovation and create legislation on regulation of digital assets.

The Chairman of the Council was appointed Minister of Finance Muhammad Aurangzeb, and his adviser Bilan Bin Sakib will become the executive director of the organization.

The council included representatives of the local securities commission and exchanges (SecP), as well as officials responsible for working with legislation and information technologies. The task of the Council is to develop legislative recommendations for the regulation of cryptocurrencies and help introduce the best foreign developments for the development of local crypto-ecosystems.

According to Bilan Bin Sakib, the Pakistan government plans to make the country a competitive player in a global digital economy and attract investors working in the crypto industry. In November, the Ministry of Finance of the country proposed amendments to the legislation, including the recognition of cryptocurrencies with a legal payment tool. Amendments are awaiting approval by parliament.