Pakistan is finally all set to stir the South Asian crypto market. The Southeast Asian nation has hired Changpeng Zhao, one of the heads behind the biggest crypto exchange in the world, Binance.
The initial aim is to set up a globally operative digital finance platform. To begin with, the platform will target the South Asian market. Then going global gradually.
The subcontinent nation has developed a Crypto Council to guide the process. Zhao will be guiding this body for now. He will mainly share tips and suggestions on regulations, education, adoption, and infrastructure. His key role would be as a strategic advisor.
Why is the appointment strategic?
Pakistan is in brackish waters so far as its fiscal debts are concerned. The country is deeply in need of new investments to improve the economic outlook. In the meantime, Pakistan registered a big financial default in the year 2023.
But the government is finally willing to change the scenario. There will be a legal framework in place, which will try to rope in foreign investors using the crypto trading success.
With Zhao’s appointment, Finance Minister Aurangzeb is hopeful that Pakistan will be a reputed South Asian brand in Web3 investment soon. He also thinks that the change in the scenario of digital assets and blockchain investments in South Asia will start with Pakistan in the middle.
Crypto Scenes in Pakistan Now
The crypto trade is gradually gaining popularity among the nation’s population. Meanwhile, the Pakistani Central Bank warns that crypto trading without knowledge and experience could be disastrous. So, what is Pakistan thinking of, to upgrade the nation’s knowledge about crypto?
