In a bold bid to fast-track its digital economy, Pakistan has enlisted former Binance CEO Changpeng “CZ” Zhao as a top crypto adviser. The move signals the nation’s urgency to harness blockchain innovation amid surging cryptocurrency adoption and regional competition.
A High-Stakes Appointment for Pakistan’s Crypto Future
Pakistan’s Finance Ministry confirmed Zhao’s advisory role to its newly formed Crypto Council (PCC) on April 7. Tasked with shaping regulation, infrastructure, and mass adoption, Zhao brings star power to a country racing to modernise its financial systems.
The PCC, launched in March, aims to position Pakistan as a blockchain hub. “We’re done sitting on the sidelines,” declared PCC CEO Bilal bin Saqib. With 240 million people, 60% under 30, the nation eyes its tech-savvy youth to drive Web3 growth.
CZ’s Rocky Legacy and New Global Influence
Zhao’s appointment raises eyebrows given his legal troubles. In 2023, he resigned from Binance after pleading guilty to U.S. money laundering violations, later receiving a four-month prison sentence. Yet, Pakistan views him as a strategic asset.
Since leaving Binance, Zhao has advised governments worldwide. Days before joining Pakistan’s PCC, he partnered with Kyrgyzstan on blockchain initiatives. “Pakistan’s potential is limitless,” he said after meeting Prime Minister Shehbaz Sharif last week.
Why Crypto Matters in Pakistan’s Economic Crisis
Facing a crumbling rupee and rampant inflation, Pakistanis increasingly turn to stablecoins. Over $35 billion in annual remittances flow through crypto channels, bypassing costly traditional systems.
A 2023 KuCoin survey found 33% of local crypto users leverage digital assets to hedge against currency devaluation. Meanwhile, Bitget reports 46% of South Asians, including Pakistanis, prize crypto for fast, accessible transactions.
“Crypto fills gaps when formal systems fail,” economist John Ashbourne told Bloomberg. Recent crackdowns on black-market dollar trades have further pushed remittances toward regulated crypto channels.
India’s Crypto Envy: “Pakistan Outsmarted Us!”
The move sparked frustration in neighbouring India, where crypto regulations remain murky. Social media erupted with calls for Prime Minister Narendra Modi to act.
“What India could’ve done, Pakistan achieved!” tweeted crypto advocate Opinderpreet. Others, like influencer Budhil Vyas, questioned if Modi would respond. “Will India be last to the Web3 party?” asked Asian analyst Sumit.
Pakistan’s Game Plan: Lure Investors, Build Infrastructure
Officials are rolling out red carpets for foreign tech capital. Finance Minister Senator Muhammad Aurangzeb dubbed Zhao’s hiring a “landmark moment,” adding, “We’re open for innovation.”
Chainalysis ranks Pakistan third globally in crypto adoption, citing 20 million active users. The PCC plans clearer regulations to attract startups. Already, Zhao has met with central bank and securities regulators to align strategies.
The Risks and Rewards
Skeptics question betting on a convicted CEO, but Pakistan sees a calculated risk. With remittances critical to its GDP, streamlining crypto transfers could stabilise its economy.
CZ’s advisory role extends beyond policy; he’ll shape education campaigns to demystify blockchain for citizens. “He redefined financial freedom for billions,” Saqib stated, hinting at ambitions to empower Pakistan’s unbanked majority.
A Digital Crossroads
As Pakistan leans into crypto, its success hinges on balancing innovation with oversight. For now, Zhao’s star power offers a shortcut to credibility and a challenge to rivals like India. In the high-stakes race for Web3 dominance, this South Asian underdog is betting big.
Written By Fazal Ul Vahab C H
