- Binance founder CZ has been appointed as an adviser to Pakistan’s Crypto Council, confirmed by the finance ministry.
- His appointment is part of Pakistan’s strategic push to attract international investment and transform into a leading South Asian crypto hub.
- This move aims to create a clear regulatory framework for digital assets, capitalising on rising crypto adoption amid rupee devaluation.
Well, here’s an article I thought I’d never write, but it seems Binance’s founder Changpheng “CZ” Zhao has been named an adviser to Pakistan’s Crypto Council, a newly formed regulatory body charged with overseeing the country’s adoption of blockchain technology and digital assets.
The appointment was confirmed by Pakistan’s finance ministry and reported by Bloomberg on April 7.
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Securing Zhao might have been quite a high-profile catch, as the appointment comes amid reports of declining foreign direct investment in Pakistan, which plunged 45% in February compared to the same month a year earlier, according to Pakistan Today.
Pakistan Crypto Council CEO Bilal Bin Saqib told Bloomberg TV in March:
Pakistan is done sitting on the sidelines… We want to attract international investment because Pakistan is a low-cost high-growth market with a Web3 native workforce ready to build.
Pakistan Crypto Council CEO Bilal Bin SaqibPakistan as a Potential Crypto Hub
Saqib added that Zhao’s appointment is part of a broader effort to transform Pakistan into the crypto capital of South Asia. Additionally, the country’s Finance Ministry stated in March that the council’s goal is to “unlock the full potential of the sector” by establishing a clear regulatory framework for digital assets.
A report from Chainalysis from last year shows that Central and Southern Asia, along with Oceania, ranked third globally for crypto investments, registering over US$750B (AU$1.2T) in crypto asset inflows.
Meanwhile, the Southeast Asia cryptocurrency market is expected to grow by 8.5% over the next eight years, according to IMARC Group.
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The depreciation of Pakistan’s currency has also led to an increase in crypto retail adoption through centralised services, with many investors using stablecoins to hedge against the rupee’s devaluation.
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