TLDR
- Former Binance CEO Changpeng “CZ” Zhao appointed as strategic adviser to Pakistan’s newly formed Crypto Council
- Pakistan established the Pakistan Crypto Council (PCC) in March to oversee blockchain and digital asset adoption
- Pakistan ranks in the top 10 for crypto adoption globally with 20 million active users and $20+ billion in transactions
- The country aims to attract international investment in the crypto sector
- CZ will advise on regulation, infrastructure, education, and adoption despite his recent legal issues in the US
Changpeng “CZ” Zhao, former CEO of Binance, has been appointed as a strategic adviser to Pakistan’s newly formed Crypto Council, a regulatory body established to oversee the country’s adoption of blockchain technology and digital assets.
The announcement was made during Zhao’s visit to Pakistan, where he met with key government officials including Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb. The appointment was confirmed by Pakistan’s finance ministry and reported by Bloomberg on April 7.
Zhao will provide guidance on cryptocurrency regulation, infrastructure, education, and adoption. He will work closely with the Pakistani government and private sector to develop a compliant and globally competitive crypto ecosystem.
Pakistan’s Crypto Ambitions
The Pakistan Crypto Council (PCC) was established in March under the Finance Division. The council is chaired by Finance Minister Aurangzeb and includes other key government stakeholders such as the State Bank of Pakistan governor and the Securities and Exchange Commission of Pakistan chairman.
“This is a landmark moment for Pakistan,” said Finance Minister Aurangzeb. “We are sending a clear message to the world: Pakistan is open for innovation. With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”
Pakistan has been showing strong interest in cryptocurrency adoption. The country currently ranks in the top 10 globally for crypto adoption, with an estimated 20 million active cryptocurrency users and over $20 billion in crypto transactions.
According to a 2023 KuCoin survey, 33% of local crypto investors use digital assets to hedge against the Pakistani rupee’s devaluation. A more recent survey by Bitget found that 46% of respondents in South Asia use digital assets for speed and accessibility of transactions.
CZ’s Background and Vision
Zhao is one of the most recognizable figures in the crypto industry, having served as CEO of Binance between 2017 and 2023. Despite his high profile, Zhao’s appointment comes after his resignation as Binance CEO in November 2023, following his guilty plea to charges related to violating US money laundering laws. He was later sentenced to four months in prison.
During the announcement of his appointment, Zhao expressed optimism about Pakistan’s potential in the crypto space. “Pakistan is a country of 240 million people, over 60% of whom are under the age of 30. The potential here is limitless,” he remarked.
Market Potential
Pakistan has long been considered a potential hub for crypto adoption due to its growing population, large diaspora, and high demand for foreign exchange trades. The country has $35 billion in annual remittances, positioning it to benefit from crypto adoption.
Bilal bin Saqib, CEO of the Pakistan Crypto Council, previously told Bloomberg that the country plans to develop a clear regulatory framework for digital assets. “Pakistan is done sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a low-cost high-growth market with a Web3 native workforce ready to build.”
The value of remittances sent to Pakistan through formal channels increased at the end of last year during a nationwide crackdown on black market dollar trades. Economist John Ashbourne suggested this might be because “remittances that had previously been sent using the black market are now being sent via official channels.”
Stablecoins have emerged as one of crypto’s most prominent use cases in regions with high demand for US dollars due to currency depreciation. While data on stablecoin usage in Pakistan is limited, the country’s young population and growing interest in digital assets suggest strong potential for growth in this area.
Pakistan ranked ninth among Central and Southern Asia and Oceania countries in Chainalysis’ 2024 crypto adoption index, largely due to strong retail adoption and transactions at centralized services.
The appointment of Zhao signals Pakistan’s commitment to joining countries like Singapore, Dubai, and Switzerland as a progressive, Web3-ready nation.
