Pakistan is accelerating its Bitcoin (BTC) adoption based on over 40 million cryptocurrency wallets and a young population structure with 70% under 30 years old. The government has officially begun nurturing the blockchain industry, seeing this as a 'leapfrog' opportunity for digital economic transformation.
Bilal Bin Saqib, Pakistan's State Minister for Cryptocurrency and Blockchain, recently stated in an interview that "global policy environments are changing, and Pakistan is moving in line with this trend." He further emphasized that "considering the loose financial systems and low credit card penetration in emerging countries, blockchain and Bitcoin can be meaningful choices in terms of economic efficiency."
In fact, Pakistan is preparing a cryptocurrency regulatory framework targeting November 2024 and is also refining digital asset policies, including central bank digital currency (CBDC). The government plans to develop Pakistan into an emerging cryptocurrency hub by expanding connections with global markets.
The minister explained that "Pakistan's total population is approximately 250 million, with 70% under 30 years old" and that "even considering the population under 20, it ranks among the top 10 countries globally." Analysis suggests that young, tech-friendly generations are leading cryptocurrency adoption.
Pakistan currently ranks within the top 5 globally in terms of cryptocurrency wallet penetration, and this rapid spread is considered to be adding momentum to the digitalization of the overall economy.
