Former Binance CEO Changpeng “CZ” Zhao was appointed as a counselor in the Council of Crypto of Pakistan, a newly formed body regulation assigned to the country’s embrace of Blockchain technology and digital assets.
The appointment was confirmed by the Pakistan financial ministry and Bloomberg reported on April 7. Zhao advised the body’s regulation in cryptocurrency regulation, infrastructure and adoption, Bloomberg reported.
The CZ sees the signing of documents during its appointment of the Pakistan Ministry of Finance. Source: Business Recorder
Zhao is one of the most recognizable names in Crypto, serving as Binance’s CEO between 2017 and 2023. resigned as CEO of the Exchange in November 2023 after seeking sin on charges related to violating money launching laws in the US. He later punished him for four months in prison.
For Pakistan, Zhao is a high -profile appointment that can help the country attract foreign investment in an industry that has taken place in new strategic importance.
In March, Pakistan CEO of CEO CEO Bilal Bin Saqib said, Bloomberg That the country plans to develop a clear framework of regulation for digital possessions.
“Pakistan is done sitting on the sides,” Saqib said. “We want to attract international investment because Pakistan is a low -cost high market growth with (…) a web3 native worker who is ready to build.”
Related: Binance co-founder Changpeng Zhao to advise Kyrgyzstan to blockchain tech
Crypto in Pakistan: Adoption and Pain Sicks
Pakistan has long been considered a potential hub for crypto adoption due to growing population, large diaspora and developed black market for foreign exchange exchanges.
The amount of cash sent to Pakistan through the formal remittance channels has intensified at the end of last year amid a fellow citizen cracking into black market dollars.
“This increase may be because remittances previously sent using the Black Market are now being sent by official channels,” said John Ashbourne, an economist at Fitch Solutions, Bloomberg.
Pakistan was ranked high in the chainalysis’ 2024 Crypto Adoption Index, mainly due to a strong retention of adoption and transactions to centralized services.
In 2024, Pakistan ranked nine in the middle and southern Asia and Oceania (CSAO) countries. Source: Chainalysis
Stablecoins appear As one of the most popular cases of crypto use in regions with high demand for US dollars due to money losses.
Although Stablecoin use data in Pakistan was skinny, a 2023 Kucoin survey revealed that 33% of local crypto investors use digital assets to guard against Rupee lowering.
A more recent survey conducted by the Bitget has found that 46% of South Asian respondents – a region that includes India, Pakistan, Bangladesh and others – uses digital assets for speed and access to transactions.
