- Former Binance CEO Changpeng “CZ” Zhao has been appointed as an adviser to Pakistan’s new Crypto Council.
- Pakistan is developing a regulatory framework to attract foreign investment in digital assets.
- The country shows strong potential for crypto adoption due to its large population and remittance market.
Former Binance CEO Changpeng “CZ” Zhao has joined Pakistan’s newly established Crypto Council as an adviser, according to Bloomberg reports on April 7. Pakistan’s finance ministry confirmed the appointment, stating that Zhao will provide guidance on cryptocurrency regulation, infrastructure development, and adoption strategies.
Zhao, who led Binance from 2017 until November 2023, brings significant industry experience to the role despite his recent legal troubles. He stepped down as CEO after pleading guilty to violating US money laundering laws, which resulted in a four-month prison sentence. Images shared by Business Recorder show Zhao signing documents during his appointment ceremony at Pakistan’s Ministry of Finance.
For Pakistan, securing a high-profile figure like Zhao signals the country’s serious intentions to develop its cryptocurrency sector. In March, Bilal bin Saqib, CEO of Pakistan’s Crypto Council, told Bloomberg about plans to create a clear regulatory framework for digital assets. “Pakistan is done sitting on the sidelines,” Saqib stated. “We want to attract international investment because Pakistan is a low-cost high-growth market with […] a Web3 native workforce ready to build.”
Pakistan’s Growing Crypto Landscape
Pakistan possesses several factors that make it ripe for cryptocurrency adoption, including its large population, substantial diaspora community, and active currency exchange market. The country ranked prominently in Chainalysis’ 2024 crypto adoption index, placing ninth among Central and Southern Asia and Oceania countries, with particularly strong showings in retail adoption and centralized exchange transactions.
Remittances represent a significant opportunity for crypto growth in Pakistan. Late last year, official remittance channels saw increased activity following government crackdowns on black market dollar trades. As economist John Ashbourne of Fitch Solutions told Bloomberg, “This increase might be because remittances that had previously been sent using the black market are now being sent via official channels.”
Stablecoins and Local Adoption
Stablecoins have become particularly important in regions dealing with currency depreciation, potentially including Pakistan. While comprehensive data on Pakistani stablecoin usage remains limited, a 2023 KuCoin survey found that 33% of local crypto investors use digital assets specifically to hedge against the rupee’s devaluation.
More broadly, a recent Bitget survey revealed that 46% of respondents across South Asia—including Pakistan—primarily use digital assets for transaction speed and accessibility. This suggests practical applications are driving adoption alongside investment purposes in the region.
Zhao’s appointment follows a similar advisory role he recently took with Kyrgyzstan on blockchain technology, extending his influence in Central and South Asian markets despite his legal complications in the United States.
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