Islamabad (Commerce Desk) — The Chief Executive Officer of the Pakistan Crypto Council, Bilal Bin Saqib, has indicated the possibility of issuing crypto licenses to the Exchange Association of Pakistan.
According to details, Chairman Exchange Association of Pakistan Malik Muhammad Bostan, along with EPAC President Zafar Paracha and other officials, met with the CEO of the Pakistan Crypto Council, where discussions were held on the future of digital currency and the financial system.
During the meeting, it was stated that if cryptocurrency develops into a stable digital system, overseas remittances could be transferred instantly, increasing annual remittances from $38 billion to an estimated $50 billion.
The meeting also noted that with efforts from young leadership, the Pakistan Crypto Council is gaining legal recognition in the country, while the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan have also allowed aspiring crypto traders to open bank accounts under the council’s NOC.
It was further stated that around 40 million Pakistani citizens are currently engaged in crypto trading at a cost of 5 to 6 percent, while with the introduction of digital licensing, this cost could potentially reduce to around 1 percent.
