Pakistan ranks among top crypto adopters globally

Emerging interest in crypto is turning Pakistan into central point of interest for international digital finance firms
An undated image. — Canva

An undated image. — Canva 

Pakistan ranks among the leading nations in the world in terms of crypto adoption, as per the Finance Ministry. In a recent statement, the ministry indicated that Pakistan processes around $300 billion of yearly crypto transactions and boasts 25 million active crypto users.

The news follows the Pakistan Crypto Council (PCC) entering into a partnership with decentralised finance (DeFi) platform World Liberty Financial (WLF) last week. 

Pakistan among world leaders in crypto adoption

The Finance Ministry emphasised that Pakistan's digital economy holds great promise. More than 64% of the population is below the age of 30, and it is one of the world's youngest nations.

With increased mobile phone penetration, an emerging freelance economy, and government favour towards blockchain, Pakistan's youth are well poised to drive the next wave of Web3 development. 

Notably, this emerging interest in crypto is turning Pakistan into a central point of interest for international digital finance firms.

Moreover, the collaboration between WLF and the Pakistan Crypto Council will be concentrated on a number of key sectors. They are going to implement regulatory sandboxes to pilot innovative blockchain financial products in a safe manner.

They will also concentrate on developing DeFi protocols responsibly, tokenising real-world assets such as property and commodities, increasing the adoption of stablecoins for trade and remittances, and providing blockchain infrastructure and international regulation advisory services.