Changpeng Zhao (CZ), former CEO of Binance, has been appointed as a strategic advisor to the newly formed Pakistan Crypto Council, given the task of helping the nation adopt blockchain technology and embrace innovation. Pakistan’s Finance Ministry confirmed the appointment. Prime Minister Shehbaz Sharif announced the news when Zhao made a business trip to the country.

Muhammad Aurangzeb, Finance Minister, says the appointment was a landmark moment for Pakistan. He further states that the event signalled to the world that Pakistan was open to innovation. After meeting with Prime Minister Shehbaz, Zhao’s appointment was made public.

“We are sending a clear message to the world: Pakistan is open for innovation,” said Aurangzeb, Pakistan’s Finance Minister. With Zhao onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth. “

Zhao is a high profile leader in the crypto sector, serving as CEO for Binance from 2017 to 2023, ending his tenure with a shock guilty plea to charges related to the U.S. ‘war on crypto’, being accused of not abiding by American anti money laundering laws. Zhao was sentenced to four months in prison. But now, Zhao is upbeat about the future of blockchain in Pakistan. 

Pakistan is a country”, said Zhao, “of 240 million people, over 60% of whom are under the age of 30. The potential here is limitless”.

Zhao met with a large range of high-ranking officials in Pakistan, including the prime minister, deputy prime minister, heads of business, national bank leaders, and finance ministers. Zhao’s visit comes as Pakistan aims to create a legal framework for digital assets, hoping to spur on economic growth. The goal is to regulate cryptocurrencies while leaving enough room for innovation and opportunities for crypto entrepreneurs worldwide.

Remittances increased last year, mainly due to a cut down on black market trading. Cross-border trades are most likely on par with trades a year before, that is, before the increased regulations forced traders to use official channels instead of illegal ones. Traders prefer to use stablecoins because they offset the negative effects of a depreciating economy. With a younger population interested in I.T. and Web3 technology, the future seems promising for the country. 

The Pakistan Crypto Council (PCC) was formed to take advantage of the changing demographics and to expand their operations throughout Southeast Asia, creating digital infrastructure projects to promote growth in the region and to attract investors to the country. Bilal Bin Saqib, CEO of the PCC, stated that the key issue was developing a legal framework so that institutions could quickly adopt the technology and scale their operations. Many countries in the region have started to respond to Trump’s crypto policies and have anticipated a change in direct investment due to America’s isolationist positions. 

In February, Pakistan’s Foreign Direct Investment dropped by 45%, indicating a change in global trade and possibly suggesting an impact from a change in American trade. The PCC further aims to attract foreign investors, perhaps offset the business lag from other sectors. Therefore, the PCC aims to collaborate with the crypto industry and local and global actors to create conditions that work favorably with crypto innovators, such as America finding out that draconian regulations only crush economic innovation rather than protect it.

According to the official press release, Zhao will oversee education, infrastructure, regulation, and crypto adoption. It seems that the PCC is adopting crypto to reach out to other surrounding countries as a form of infrastructure to facilitate financial growth in all sectors. One of the benefits of crypto, after all, is its ability to transcend borders. With all of the disruptions to global trade, the PCC may be trying to facilitate trade as much as possible while keeping the black market in check. 

Changpeng Zhao (CZ), former CEO of Binance, has been appointed as a strategic advisor to the newly formed Pakistan Crypto Council, given the task of helping the nation adopt blockchain technology and embrace innovation. Pakistan’s Finance Ministry confirmed the appointment. Prime Minister Shehbaz Sharif announced the news when Zhao made a business trip to the country.

Muhammad Aurangzeb, Finance Minister, says the appointment was a landmark moment for Pakistan. He further states that the event signalled to the world that Pakistan was open to innovation. After meeting with Prime Minister Shehbaz, Zhao’s appointment was made public.

“We are sending a clear message to the world: Pakistan is open for innovation,” said Aurangzeb, Pakistan’s Finance Minister. With Zhao onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth. “

Zhao is a high profile leader in the crypto sector, serving as CEO for Binance from 2017 to 2023, ending his tenure with a shock guilty plea to charges related to the U.S. ‘war on crypto’, being accused of not abiding by American anti money laundering laws. Zhao was sentenced to four months in prison. But now, Zhao is upbeat about the future of blockchain in Pakistan. 

Pakistan is a country”, said Zhao, “of 240 million people, over 60% of whom are under the age of 30. The potential here is limitless”.

Zhao met with a large range of high-ranking officials in Pakistan, including the prime minister, deputy prime minister, heads of business, national bank leaders, and finance ministers. Zhao’s visit comes as Pakistan aims to create a legal framework for digital assets, hoping to spur on economic growth. The goal is to regulate cryptocurrencies while leaving enough room for innovation and opportunities for crypto entrepreneurs worldwide.

Remittances increased last year, mainly due to a cut down on black market trading. Cross-border trades are most likely on par with trades a year before, that is, before the increased regulations forced traders to use official channels instead of illegal ones. Traders prefer to use stablecoins because they offset the negative effects of a depreciating economy. With a younger population interested in I.T. and Web3 technology, the future seems promising for the country. 

The Pakistan Crypto Council (PCC) was formed to take advantage of the changing demographics and to expand their operations throughout Southeast Asia, creating digital infrastructure projects to promote growth in the region and to attract investors to the country. Bilal Bin Saqib, CEO of the PCC, stated that the key issue was developing a legal framework so that institutions could quickly adopt the technology and scale their operations. Many countries in the region have started to respond to Trump’s crypto policies and have anticipated a change in direct investment due to America’s isolationist positions. 

In February, Pakistan’s Foreign Direct Investment dropped by 45%, indicating a change in global trade and possibly suggesting an impact from a change in American trade. The PCC further aims to attract foreign investors, perhaps offset the business lag from other sectors. Therefore, the PCC aims to collaborate with the crypto industry and local and global actors to create conditions that work favorably with crypto innovators, such as America finding out that draconian regulations only crush economic innovation rather than protect it.

According to the official press release, Zhao will oversee education, infrastructure, regulation, and crypto adoption. It seems that the PCC is adopting crypto to reach out to other surrounding countries as a form of infrastructure to facilitate financial growth in all sectors. One of the benefits of crypto, after all, is its ability to transcend borders. With all of the disruptions to global trade, the PCC may be trying to facilitate trade as much as possible while keeping the black market in check.