Muhammad Saleem Memon, President of the Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), commended the Government of Pakistan’s initiatives to promote cryptocurrency and blockchain technology, viewing it as a revolutionary step for the economy. The appointment of Bilal Bin Saqib as Chief Advisor to the Finance Minister for the Pakistan Crypto Council underscores the government’s commitment to a digital economy.

Memon noted that countries like the US, UAE, and Singapore have successfully integrated cryptocurrency into their economies, enhancing business transparency and boosting growth. He highlighted that Pakistan ranks third globally in cryptocurrency adoption, with around $20 billion in transactions in 2021. This supports Pakistani freelancers and could significantly boost foreign reserves if a well-regulated framework is established.

He urged the government to create a clear policy and regulatory framework in collaboration with the State Bank of Pakistan and the Securities and Exchange Commission. This would enable businesses to leverage cryptocurrency safely and effectively. Memon concluded that a well-regulated cryptocurrency environment could stabilize the economy and empower the youth, fostering a digital revolution.