Pakistan has taken a big step to support the future of digital finance as Changpeng Zhao becomes a strategic adviser to the Pakistan Crypto Council (PCC). He is the billionaire founder of Binance which is the world’s largest cryptocurrency exchange.
In a notification issued on Monday, the Finance Division described Zhao’s appointment as a first of its kind. It is believed to be revolutionary development for the digital and blockchain landscape in Pakistan.
The official launch of the Pakistan Crypto Council took place last month. Purpose of the council is to regulate and integrate blockchain technology and digital assets into the national financial system.
Finance Minister Muhammad Aurangzeb met a foreign delegation in February where the government announced plans to create a National Crypto Council to keep pace with developments around the world.
In March the government appointed Pakistani entrepreneur Bilal Bin Saqib as the chief adviser to the finance minister in the council.
Zhao met with Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar and Finance Minister Aurangzeb during his visit.
Commenting on the development Muhammad Aurangzeb stated, “A landmark moment for Pakistan. We’re sending out a clear message to the world that Pakistan is ready for innovation.”
PCC’s chief executive officer Bilal Bin Saqib also welcomed the appointment by saying, “Pakistan is opening its doors to the future of finance. And who better to guide us than Zhao, a pioneer who built the world’s largest crypto exchange and transformed the way billions think of financial freedom.”
In his role as strategic adviser Zhao will advise on matters concerning regulation, infrastructure, public education and crypto adoption. He will work with both the public and private sectors to build a secure, inclusive and globally competitive crypto ecosystem in the country.
Zhao during his visit said, “Pakistan is a country of 240 million and over 60 percent of the population is below the age of 30. The potential here goes everywhere.”
