Pakistan Appoints Changpeng Zhao as Crypto Advisor
10 Apr, 2025 ● أخبار العملات المشفرة
Former Binance CEO Changpeng “CZ” Zhao has been named an adviser to Pakistan’s Crypto Council, a newly established regulatory body responsible for guiding the country’s approach to blockchain and digital assets.
Pakistan’s finance ministry confirmed the appointment, which was reported by Bloomberg on April 7.
Zhao will offer guidance on crypto regulation, infrastructure, and adoption, according to the report.
Zhao, pictured signing documents during the appointment, is one of the most prominent figures in the crypto world, having led Binance from 2017 to 2023.
He stepped down in November 2023 after pleading guilty to charges related to U.S. money laundering violations and was later sentenced to four months in prison.
For Pakistan, bringing Zhao on board is seen as a strategic move that may help attract foreign investment in a sector gaining national importance.
In March, Bilal bin Saqib, CEO of Pakistan’s Crypto Council, stated that the country is working toward establishing a clear regulatory framework for digital assets.
“Pakistan is done sitting on the sidelines,” Saqib said, adding: “We want to attract international investment because Pakistan is a low-cost high-growth market with [...] a Web3 native workforce ready to build.”
Pakistan has long been viewed as a potential hotspot for crypto adoption, driven by its large population, a significant diaspora, and an active black market in foreign exchange.
Formal remittance flows into the country increased significantly late last year after a government crackdown on black market dollar transactions.
“This increase might be because remittances that had previously been sent using the black market are now being sent via official channels,” said John Ashbourne, an economist at Fitch Solutions, in a comment to Bloomberg.
Pakistan placed prominently in Chainalysis’ 2024 crypto adoption index, largely due to strong participation from retail users and activity on centralized platforms.
Stablecoins have become one of the most widely used applications of crypto in regions where local currencies face depreciation and there is high demand for U.S. dollars.
While data on stablecoin usage in Pakistan remains limited, a 2023 KuCoin survey found that 33% of local crypto investors use digital assets to protect against the rupee’s decline.
A newer survey from Bitget reported that 46% of respondents in South Asia — including Pakistan, India, and Bangladesh — use crypto for faster and more accessible transactions.
Sources:
https://cointelegraph.com/news/pakistan-appoints-changpeng-zhao-crypto-adviser
https://www.youtube.com/watch?v=cC0zpHDhdZo
https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/
