Islamabad (Commerce Desk) Pakistan Crypto Council CEO Bilal Saqib has indicated the possibility of issuing crypto licenses to the Exchange Association, a development being seen as an important step towards the digital economy.
Chairman of the Exchange Association of Pakistan Malik Muhammad Bostan, along with ECAP President Zafar Paracha and other officials, said in a meeting that if cryptocurrency evolves into a stable digital currency, remittances from overseas Pakistanis could be transferred instantly, potentially increasing annual inflows from 38 billion dollars to 50 billion dollars.
The meeting was informed that due to efforts by the young leadership, the Pakistan Crypto Council has gained legal status. Under this framework, with approval from the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan, individuals interested in crypto trading are being allowed to open bank accounts with an NOC from the council.
It was further stated that around 40 million Pakistanis are currently engaged in crypto trading at a cost of 5 to 6 percent, while the introduction of digital licensing is expected to reduce this cost to around 1 percent.