Pakistan Appoints Binance Founder CZ as Crypto Advisor

Pakistan has made a significant move in the cryptocurrency sphere by appointing Changpeng Zhao, commonly known as CZ and the former CEO of Binance, as a strategic advisor to the Pakistan Crypto Council (PCC). This decision, confirmed by Pakistan's Ministry of Finance, aims to bolster the country's efforts in regulating, educating, and adopting cryptocurrency technologies. CZ will work closely with key government bodies, including the Finance Division, the State Bank of Pakistan, and the Securities and Exchange Commission of Pakistan, to guide these initiatives.

On Monday, CZ’s appointment was formally announced at a high-level meeting summoned by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The highest government authorities present were the Chairman of the Securities and Exchange Commission of Pakistan, the Governor of, State Bank of Pakistan, and the Federal Secretaries for Law and IT. The council CZ joins, known as the Pakistan Crypto Council (PCC), was established in March. It was created to supervise and promote the country’s use of blockchain and digital assets. With CZ now on board, the council is expected to gain valuable insight and direction for its crypto journey.

As the founder of Binance, the world’s largest cryptocurrency exchange, CZ has made his presence felt in shaping the global crypto landscape. Pakistan is keen to gain from his vast experience in digital assets and blockchain infrastructure. In his new role, CZ will advise the PCC on several key areas, including crypto regulation, infrastructure development, adoption strategies, and education and awareness. The goal is to build a crypto ecosystem that is compliant, inclusive, and globally competitive while also encouraging collaboration between the public and private sectors.

What makes this development even more remarkable is the fact that Pakistan was previously against cryptocurrencies. Back in 2022, the country declared digital assets illegal and took steps to block crypto operations. Crypto exchanges, including Binance, even faced investigations due to accusations at the time. This new stance shows a big shift in how Pakistan views crypto. Instead of restricting it, the country is now actively exploring how digital assets can benefit the economy and attract foreign investments. The appointment of CZ marks a significant milestone in this journey.

The appointment of a global crypto leader like CZ is not just symbolic, it shows Pakistan’s commitment to creating a future with crypto at its core. As the economy faces challenges, there is a growing public interest in alternative assets. The government is listening and responding by taking bold steps like this. This also signals to the global crypto community that Pakistan is ready to innovate, evolve, and become a key player in the Web3 space. With CZ now involved, the future of crypto in Pakistan looks more promising than ever.

Pakistan's Finance Minister and PCC Chairman, Senator Muhammad Aurangzeb, described the appointment as a "landmark" moment, emphasizing Pakistan's openness to innovation. The country already ranks high in global crypto adoption, with significant remittance transactions facilitated through cryptocurrencies. This appointment is expected to further enhance Pakistan's digital transformation journey, leveraging CZ's expertise to develop robust regulatory frameworks and infrastructure.

During his visit, CZ met with Prime Minister Shehbaz Sharif and Deputy PM Ishaq Dar, reiterating his commitment to partnering with Pakistan. He highlighted the country's vast potential, with over 60% of its population under 30, making it a prime candidate for digital innovation. CZ's appointment is seen as a strong message to the global community, signaling Pakistan's readiness to embrace the future of finance. CZ's role as a strategic advisor is not new; he has previously advised governments and regulatory bodies on digital asset regulations and mass adoption. His appointment to the PCC is a testament to his influence in the crypto industry and his ability to guide countries through the complexities of digital transformation. This move by Pakistan is expected to set a precedent for other nations looking to integrate cryptocurrency into their financial systems, positioning the country as a leader in the Web3 revolution.