CZ Zhao Appointed Strategic Advisor to Pakistan's Crypto Council

Changpeng "CZ" Zhao, the former CEO of Binance, has been appointed as a strategic advisor to Pakistan's Crypto Council. This appointment, confirmed by Pakistan’s finance ministry, positions Zhao to advise on cryptocurrency regulation, infrastructure, and adoption within the country. Zhao's role is significant given his extensive experience in the crypto industry, having led Binance from 2017 to 2023 before stepping down following legal issues related to US money laundering laws.

Pakistan's Crypto Council, established in March, aims to oversee the adoption of blockchain technology and digital assets. The appointment of Zhao aligns with the council's goal to develop a clear regulatory framework for digital assets, as stated by Bilal bin Saqib, the CEO of Pakistan’s Crypto Council. Saqib emphasized Pakistan's readiness to attract international investment, highlighting the country's potential as a low-cost, high-growth market with a workforce ready to build in the Web3 space.

Zhao's appointment is seen as a strategic move to enhance Pakistan's position in the global crypto landscape. His expertise could help the country navigate the complexities of cryptocurrency regulation and infrastructure, potentially attracting foreign investment and fostering growth in the digital asset sector. This move comes at a time when Pakistan is increasingly recognized for its potential as a hub for crypto adoption, driven by its growing population, large diaspora, and thriving black market for foreign exchange trades.

The country's interest in cryptocurrency is further underscored by the surge in remittances sent through formal channels, which may indicate a shift from black market transactions to official remittance channels. This trend, coupled with Pakistan's high ranking in the crypto adoption index, suggests a growing acceptance and use of digital assets within the country. Stablecoins, in particular, have emerged as a prominent use case in regions with high demand for US dollars due to currency depreciation, and surveys indicate that a significant portion of local crypto investors use digital assets to hedge against the rupee’s devaluation.

Zhao's role as a strategic advisor will involve providing guidance on regulation, infrastructure, education, and the adoption of crypto technologies in Pakistan. His appointment signals a major push for Web3 and crypto regulation, positioning Pakistan as a forward-thinking nation in the digital asset space. With Zhao's expertise and the council's strategic initiatives, Pakistan aims to leverage the potential of blockchain technology and digital assets to drive economic growth and innovation.