Call To Establish National Crypto Council

Umer Jamshaid Published March 16, 2025 | 03:30 PM

LAHORE, (UrduPoint / Pakistan Point News - 16th Mar, 2025) Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq Sunday said the establishment of a National Crypto Council (NCC) is need of the hour for Pakistan to capitalize the opportunities offered by digital currencies.

He was of the view that by creating a robust regulatory framework, promoting awareness and fostering innovation, Pakistan can position itself as a forward-thinking player in the global digital economy.

Talking to reporters here, he added, 'It’s right time to act now, as the world moves swiftly toward a de-centralized financial future." He stressed the need to align the country with global trends in digital currencies and blockchain technology. As the world rapidly embraces crypto currencies and de-centralized financial systems, Pakistan risks falling behind in this transformative economic shift. The NCC should work as a dedicated regulatory body to provide the framework needed to harness the potential of digital currencies while mitigating associated risks.

Mian Kashif Ashfaq said the Primary role of the NCC should be to create a comprehensive regulatory environment for crypto currencies. This includes defining legal statuses, taxation policies, and anti-money laundering (AML) measures to ensure transparency and security.

By establishing clear guidelines, National Crypto Council should foster trust among investors, businesses, and consumers, encouraging innovation and adoption in the digital finance sector.

Moreover, it must play a pivotal role in educating the public and stakeholders about the benefits and risks of crypto currencies. With proper awareness campaigns,

Pakistan can combat misinformation and promote responsible usage of digital assets. This would also help in addressing concerns related to fraud, scams, and volatility often associated with crypto currencies, he asserted. Another critical function of the NCC should be to collaborate with international regulatory bodies and organizations to stay updated on global best practices. This would enable Pakistan to integrate seamlessly into the global digital economy, attract foreign investment and foster economic growth.

The CEO said the regulatory body should also facilitate the development of blockchain-based solutions for sectors of agriculture, healthcare, and supply chain management, driving efficiency and transparency.