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Pakistan to Set Up Council to Oversee Crypto Policy: Report
The crypto council would be a dedicated advisory body that consists of government representatives, regulatory authorities and industry experts.
What to know:
- Till last year, the nation's finance ministry was against crypto regulation.
- The finance minister also attended a meeting with a bunch of foreign delegates, including Trump's digital asset advisors.
Pakistan has said it will set up a national crypto council to develop legislation for the sector, following a meeting with President Donald Trump's digital asset advisors, according to a report by local news site Dawn.
The council would be a dedicated advisory body that consists of government representatives, regulatory authorities and industry experts. It would oversee policy development as well as collaborate with countries to develop standardised frameworks, the report added, citing a statement from the finance ministry.
STORY CONTINUES BELOW
Till last year, the nation's finance ministry had been opposed to regulating crypto in the country, however Finance Minister Muhammad Aurangzeb said he would look into the matter with an open mind, he said in a statement. He also stressed the importance of a well-regulated digital asset framework, the report added.
Aurangzeb also attended a meeting with a foreign delegation said to include President Donald Trump's digital asset advisors on Tuesday.
Nations have been looking at the U.S. which has been moving to create crypto-friendly policies since the election of Trump.
CoinDesk could not reach out to the Finance Ministry for comment.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
