Pakistan has appointed Changpeng Zhao (CZ), former CEO of Binance as its strategic advisor on cryptocurrencies. With this appointment, the country is set to make shift in its stance on cryptocurrencies from resistance to a more regulatory-focused approach. This is not the first time that CZ has been appointed as a country’s advisor on cryptocurrencies. The former Binance CEO has also helped Kyrgyzstan with blockchain integration and crypto regulation.
Pakistan has over 20 Million Active Digital Asset Users
Pakistan’s decision to get CZ on their advisory board indicates that the country has realized the power and potential benefits of cryptocurrencies. The country has over 20 million active digital asset users. With this move, the government of the country plans to create an environment that is secure and compliant to the ecosystem.
CZ’s Expertise will be Leveraged for Guiding Pakistan Crypto Council (PCC)
The country will be leveraging CZ’s expertise in developing crypto policies and promoting blockchain technology. CZ’s main role would be to guide the country for them to establish a national crypto council. This council will then look after the development and regulation of the digital assets.
The Pakistan government is also trying to ensure that the country’s engagement with the sector is sustainable and is in line with the global regulatory standards. CZ’s affiliation could also open doors for the country to explore international crypto companies, which might provide a great boost to the country’s economy through foreign investments.
After leaving his CEO role at Binance and dealing with legal issues in the US, CZ has been focusing on helping countries develop their blockchain technology and cryptocurrency rules. In order to do so, he has been working as a global blockchain strategist, advising countries on how to use blockchain technology for the benefit of the country.
Crypto Council Members and Finance Minister Speak
Pakistan’s Finance Minister Aurangzeb considers this appointment as a landmark moment for the country and quoted “We are sending a clear message to the world: Pakistan is open for innovation. With CZ onboard, we are accelerating our vision to make the country a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”
The CEO of Pakistan Crypto Council Bilal Bin Saqib praised CZ and said that there could not be anybody else better than CZ to guide them on this journey towards innovation and in return CZ also emphasized that the potential in the country is limitless as majority of the population (over 60%) is below the age of 30.
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