Pakistan has officially stepped into the future of digital finance! The government has launched the Pakistan Crypto Council (PCC), a groundbreaking move aimed at regulating and integrating blockchain technology and digital assets into the country’s financial system.

Announced by the Ministry of Finance on Friday, this initiative is set to shape the nation’s crypto landscape, ensuring a structured, secure, and innovative approach to digital assets.

Leadership at the Helm

To lead this ambitious effort, Finance Minister Muhammad Aurangzeb has been appointed as the Chair of the Pakistan Crypto Council, reflecting the government’s commitment to digital transformation. Bilal Bin Saqib, a blockchain expert and the Chief Advisor to the Finance Minister on PCC, will serve as the CEO, spearheading policy development and innovation.

The council’s board includes heavyweights such as the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Law Secretary, and the Federal IT Secretary. This diverse leadership ensures a balanced and forward-thinking approach to crypto regulation.

Why This Matters for Pakistan

Speaking at the launch, Finance Minister Muhammad Aurangzeb emphasized the importance of keeping pace with global financial advancements:

“The world is moving towards digital finance, and Pakistan must not be left behind. The establishment of the Pakistan Crypto Council is a step towards embracing innovation while ensuring regulatory protection for investors and the financial system.”

Similarly, Bilal Bin Saqib highlighted the Council’s vision:

“This is not just about regulations—it’s about creating an ecosystem where blockchain and digital finance can thrive. Our goal is to position Pakistan as a serious player in the global digital economy while ensuring security, transparency, and innovation.”

What’s Next?

The Pakistan Crypto Council has outlined clear priorities, including:

1. Developing regulatory guidelines to encourage crypto adoption.
2. Engaging with international blockchain organizations to implement best practices.
3. Collaborating with fintech startups, investors, and developers to fuel responsible innovation.
4. Ensuring consumer protection and financial security through strong legal frameworks.

A New Chapter for Pakistan’s Digital Economy

With the launch of PCC, Pakistan is sending a clear message—the country is open for business and ready to lead in digital finance. This initiative not only embraces technological progress but also positions Pakistan as a forward-thinking player in the global crypto space.

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Nexo, a cryptocurrency lender, announced a partnership with Mastercard to produce the world’s first “crypto-backed” payment card on Wednesday. As digital assets grow more widespread, it is the latest step by crypto and established banking networks to link together.

Nexo claims that the card, which is initially only available in a few European countries, allows users to spend without having to sell digital assets such as bitcoin, which are used as collateral to back the credit issued. The majority of traditional credit cards are unsecured and have a pre-determined credit limit.

The card is linked to a Nexo-provided crypto-backed credit line and can be used at 92 million Mastercard-accepting retailers globally, allowing investors to spend up to 90% of their crypto assets’ fiat value, according to Nexo.

“There are no minimum repayments, monthly fees, or inactivity penalties with this card. For up to 20,000 euros each month, there are no FX fees “Nexo said.

There are no limits on how much a consumer can spend or remove from an open credit line, and interest is only charged on the credit that is spent. Customers with a loan-to-value ratio of 20% or less continue to pay zero percent interest.

“Digital assets are transforming the financial world,” Raj Dhamodharan, Mastercard’s head of crypto and blockchain products and partnerships, said. Nexo’s card is issued by DiPocket, an electronic money company.

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