Source: Cointelegraph Original: "{title}"
Former Binance CEO Changpeng “CZ” Zhao has been appointed as an advisor to Pakistan's cryptocurrency committee, a newly established regulatory body responsible for overseeing the country's adoption of blockchain technology and digital assets.
According to a Bloomberg report on April 7, the Pakistani Ministry of Finance has confirmed this appointment. The report states that Zhao will provide advice to the regulatory body on aspects such as cryptocurrency regulation, infrastructure, and adoption.
CZ signing documents at the appointment ceremony at the Pakistani Ministry of Finance. Source: Business Recorder
Zhao is one of the most well-known figures in the cryptocurrency space, having served as CEO of Binance from 2017 to 2023. He resigned from the exchange's CEO position in November 2023 after admitting to violating U.S. anti-money laundering laws. He was later sentenced to four months in prison.
For Pakistan, Zhao's appointment is a significant move that could help the country attract foreign investment in this strategically important industry.
In March, Bilal bin Saqib, CEO of the Pakistan Cryptocurrency Committee, told Bloomberg that the country plans to establish a clear regulatory framework for digital assets.
“Pakistan is no longer 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.”
Due to its growing population, large expatriate community, and thriving foreign exchange black market, Pakistan has long been considered a potential hub for cryptocurrency adoption.
At the end of last year, amid a nationwide crackdown on black market dollar trading, the cash value sent to Pakistan through formal remittance channels surged.
Fitch economist John Ashbourne stated in an interview with Bloomberg, “This growth may be because remittances that were previously sent via the black market are now being sent through official channels.”
In Chainalysis's 2024 Cryptocurrency Adoption Index, Pakistan ranks high, primarily due to strong retail adoption and centralized service transactions.
In 2024, Pakistan ranks ninth among countries in Central and South Asia and Oceania (CSAO). Source: Chainalysis
In regions with high demand for dollars, stablecoins have become one of the most prominent use cases for cryptocurrencies due to currency depreciation.
Although data on stablecoin usage in Pakistan is limited, a 2023 survey by KuCoin showed that 33% of local cryptocurrency investors use digital assets to hedge against the depreciation of the rupee.
A recent survey by Bitget found that 46% of respondents in South Asia (including India, Pakistan, Bangladesh, and other countries) use digital assets because of their fast transaction speeds and ease of use.
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