Cryptocurrency, blockchain technology: HCSTSI chief lauds govt’s initiatives

HYDERABAD: The President Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), Muhammad Saleem Memon, has praised the government’s initiatives to promote cryptocurrency and blockchain technology, stating that this decision could prove to be a revolutionary step for the country’s economy. The appointment of Bilal Bin Saqib as the Chief Advisor to the Finance Minister for the Pakistan Crypto Council reflects the government’s serious efforts to transition towards a digital economy. Embracing modern technology and integrating it into the national economy is the need of the hour, and these measures have the potential to reshape Pakistan’s business landscape in the coming years.

He highlighted that cryptocurrency and blockchain technology are gaining widespread global acceptance. Countries like the United States, European nations, the United Arab Emirates, Japan, and Singapore have already regulated cryptocurrency and are reaping its benefits. The UAE has established special zones dedicated to cryptocurrency, where companies are leveraging blockchain-based systems to enhance business transparency.

Similarly, Singapore has incorporated cryptocurrency into its legal framework, linking the business sector with digital financial tools, significantly boosting its economy. In the United States, major corporations such as Tesla and PayPal have embraced cryptocurrency for transactions, while investors are heavily investing in crypto assets. El Salvador has set a precedent by becoming the first country to grant Bitcoin legal status, leading to notable improvements in its economic conditions.

Memon urged that the government to introduce a clear policy and regulatory framework for cryptocurrency to enable the Pakistani public and business community to fully leverage this technology. The State Bank of Pakistan and the Securities and Exchange Commission of Pakistan (SECP) should collaborate to develop a model that ensures cryptocurrency is secure, well-regulated, and legally recognized. A favorable environment should be created for the crypto industry by consulting experts in digital finance and blockchain. Additionally, awareness campaigns should be launched for the business community to educate them on the safe use of cryptocurrency and potential risks associated with it.

Saleem Memon concluded by stating that if the government strategically legalizes and safeguards cryptocurrency, it could not only stabilize Pakistan’s economy but also open new avenues for investment. Cryptocurrency has the potential to empower the youth financially and drive a digital revolution within the country’s economic framework.

Copyright Business Recorder, 2025