Binance Founder Joins Pakistan Crypto Council Amid Economic Recovery Efforts

Changpeng Zhao, the founder of Binance, has been appointed as a strategic advisor to the Pakistan Crypto Council. This appointment is a significant step in Pakistan's efforts to establish a globally competitive platform for digital finance and to set regulatory guidelines for the adoption of cryptocurrencies. The Pakistan Crypto Council, formed this year, aims to attract investment and foster innovation in the digital finance sector. Zhao's expertise and experience in the cryptocurrency industry are expected to be instrumental in achieving these goals.

The appointment comes at a time when Pakistan is desperately looking for investments to bolster the country’s economy that dodged a financial default in 2023. The government plans to develop a legal framework for cryptocurrency trading to lure foreign investors.

Zhao will guide the council on regulation, infrastructure, education, and adoption. His involvement is seen as a major boost to Pakistan's ambitions in the digital finance sector. The finance minister, Muhammad Aurangzeb, commented that with Zhao onboard, Pakistan is accelerating its vision to become a regional powerhouse for Web3, digital finance, and blockchain-driven growth.

Crypto trading is steadily gaining traction among Pakistan’s population despite warnings from the central bank about the risks posed by the industry. The appointment of Zhao as a strategic advisor is expected to provide the necessary guidance and expertise to navigate these challenges and capitalize on the opportunities presented by the growing interest in cryptocurrencies.