Pakistan selects ex-Binance CEO, Changpeng Zhao, as advisor for its crypto council
Pakistan Taps Binance Co-Founder as Strategic Adviser for Crypto Council
In a move to bolster its digital asset sector, Pakistan has appointed Changpeng "CZ" Zhao, the former CEO of Binance, as a strategic adviser to its newly-established Pakistan Crypto Council (PCC). The announcement was made during Zhao's visit to Pakistan, where he met with key government officials, including Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb.
The PCC was launched in March as part of the Finance Division, with Finance Minister Aurangzeb serving as its chair. Other key government stakeholders, such as the State Bank of Pakistan governor and the Securities and Exchange Commission of Pakistan chairman, are also involved. This council is tasked with overseeing the adoption of blockchain technology and digital assets in Pakistan.
One of the most recognizable figures in the crypto industry, Zhao will provide guidance on cryptocurrency regulation, infrastructure, education, and adoption. He will collaborate closely with the Pakistani government and private sector to create a compliant and globally competitive crypto ecosystem.
Pakistan's Interest in Cryptocurrencies
Pakistan has displayed a keen interest in cryptocurrency adoption, ranking among the top 10 countries globally for crypto adoption. The country boasts around 20 million active cryptocurrency users and more than $20 billion in cryptocurrency transactions. According to local surveys, 33% of local crypto investors use digital assets as a hedge against the Pakistani rupee's devaluation, and 46% of respondents in South Asia use digital assets for the speed and accessibility of transactions.
CZ's Past and Future in Pakistan
Despite his recent legal issues in the US, Zhao will take on his new role in Pakistan. Zhao served as CEO of Binance between 2017 and 2023, before stepping down following a guilty plea to money laundering charges. After his resignation, he expressed optimism about Pakistan's potential in the crypto space, commenting on the country's large population, tech-savvy youth, and high demand for foreign exchange trades.
Pakistan's market potential lies in its growing population, large diaspora, and high demand for foreign exchange trades. The country receives $35 billion in annual remittances, positioning it to benefit significantly from crypto adoption.
Pakistan's plan to establish a clear regulatory framework for digital assets and attract international investment makes it a promising hub for further growth in the crypto sector. The appointment of Zhao as a strategic adviser to the PCC underscores Pakistan's determination to join the ranks of progressive, Web3-ready nations like Singapore, Dubai, and Switzerland.
Sources:Pakistan TodayBloombergThe Express TribuneKuCoin ReportBitget ReportChainalysis Report
Cryptocurrency regulation in Pakistan will receive guidance from Changpeng "CZ" Zhao, the former CEO of Binance, following his appointment as a strategic adviser to the Pakistan Crypto Council (PCC). With Zhao's expertise, Pakistan aims to foster a compliant and globally competitive crypto ecosystem, capitalizing on its large population, tech-savvy youth, and high demand for foreign exchange trades.
To nurture a supportive and progressive crypto environment, Pakistan is actively seeking international investment, building on the country's top 10 global ranking in crypto adoption and the potential of its growing market, large diaspora, and significant remittances.
