Former Binance Chief Executive Officer Changpeng “CZ” Zhao has been designated as a consultant to Pakistan’s Crypto Council, a newly established regulatory organization responsible for supervising the nation’s adaptation of blockchain technology and digital currencies.
This appointment was validated by Pakistan’s finance ministry and covered by Bloomberg on April 7. Zhao will counsel the regulatory authority regarding cryptocurrency governance, infrastructure, and acceptance, as reported by Bloomberg.
CZ is pictured signing documents during his designation by Pakistan’s Ministry of Finance. Source: Business Recorder
Zhao is among the most recognized figures in cryptocurrency, having held the position of CEO of Binance from 2017 to 2023. He stepped down as CEO of the exchange in November 2023 following a guilty plea concerning accusations related to breaching US anti-money laundering regulations. Subsequently, he received a sentence of four months in jail.
For Pakistan, Zhao represents a significant appointment that could potentially aid the country in attracting foreign investment in a sector that has assumed newfound strategic significance.
In March, the chief executive of Pakistan’s Crypto Council, Bilal bin Saqib, informed Bloomberg that the nation intends to create a clear regulatory structure for digital currencies.
“Pakistan is finished with sitting on the sidelines,” Saqib articulated. “We aim to draw international investments because Pakistan is an affordable high-growth market with […] a Web3-native talent pool eager to innovate.”
Related: Binance co-founder Changpeng Zhao to consult Kyrgyzstan on blockchain innovations
Cryptocurrency in Pakistan: Adoption and challenges
Pakistan has long been viewed as a promising center for cryptocurrency adoption due to its expanding population, substantial diaspora, and flourishing illegal foreign exchange trade.
The volume of remittances sent to Pakistan via official channels saw a spike at the end of the previous year as the country enforced a crackdown on illegal dollar trading.
“This surge may be attributed to remittances that were previously transferred through the black market now being processed through legal avenues,” John Ashbourne, an economist at Fitch Solutions, stated to Bloomberg.
Pakistan scored highly in Chainalysis’ 2024 crypto adoption index, mainly due to robust retail uptake and transactions conducted via centralized platforms.
In 2024, Pakistan secured the ninth position among Central and Southern Asia and Oceania (CSAO) nations. Source: Chainalysis
Stablecoins have surfaced as one of cryptocurrency’s most significant applications in areas with high demands for US dollars due to currency devaluation.
While statistics on stablecoin utilization in Pakistan are limited, a 2023 KuCoin survey indicated that 33% of local crypto investors employ digital currencies to protect against the rupee’s depreciation.
A more recent survey from Bitget disclosed that 46% of participants in South Asia — a region encompassing India, Pakistan, Bangladesh, and others — utilize digital currencies for the speed and ease of transactions.
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