Changpeng Zhao, also known as CZ, the founder of Binance, has formally been named a strategic adviser to the recently established Pakistan Crypto Council (PCC).
Zhao made the announcement on Monday when he met with the PCC.
Key government players, including the governor of the State Bank of Pakistan (SBP), the chairman of the Securities and Exchange Commission of Pakistan (SECP), and the federal secretaries for law and information technology, were present at the meeting, which was presided over by Finance Minister Senator Muhammad Aurangzeb.
According to a statement from the Finance Division, Zhao, one of the most powerful people in Web3, also met separately with Prime Minister Shehbaz Sharif and Deputy Prime Minister Senator Ishaq Dar while he was there.
FinMin Aurangzeb, the chairman of the PCC, stated, “This is a historic moment for Pakistan.”
“We are making it very evident to the globe that Pakistan welcomes new ideas. We are moving closer to our goal of making Pakistan a regional leader in Web3, digital banking, and blockchain-driven growth now that CZ is on board.”
“Pakistan is opening its doors to the future of finance,” stated Bilal Bin Saqib, CEO of the National Crypto Council.
CZ will serve as the council’s strategic adviser, offering advice on adoption, infrastructure, education, and regulation. He will collaborate closely with the commercial sector and the Pakistani government to develop a crypto ecosystem that is inclusive, compliant, and competitive worldwide.
More over 60% of Pakistan’s 240 million citizens are under 30 years old. “There is an endless amount of potential here,” CZ said at the announcement.
Leading this digital change is the council, which was formed last month under the Finance Division. According to the release, CZ’s appointment marks the beginning of a daring new age in which Pakistan will join Singapore, Dubai, and Switzerland as a forward-thinking, Web3-ready country.
The makeup of the PCC consists of: Federal Secretary, Law and Justice Division; Federal Secretary, IT; Chairman, Securities and Exchange Commission of Pakistan; Member: Governor, State Bank of Pakistan; Chairman, Minister of Finance and Revenue.
To reinforce Pakistan’s commitment to adopting technological innovation, Saqib was named the finance minister’s chief adviser on the crypto council.
He is a worldwide thought leader in the blockchain industry, having represented Pakistan repeatedly on the international scene, including at NFT NYC, the World Economic Forum, ETH Barcelona, and Token 2049 events.
There are 20 million active bitcoin users and more than $20 billion in cryptocurrency transactions in Pakistan, which came in third place on the Global Crypto Adoption Index.
The nation is currently among the top 10 in terms of the adoption of cryptocurrencies. With yearly remittances of $35 billion, the nation stands to gain from the adoption of cryptocurrencies.
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