As Pakistan is set to make advancements in blockchain technology, artificial intelligence, and digital currency, the country has appointed Changpeng Zhao (CZ), the founder of Binance, as strategic advisor of the Pakistan Crypto Council (PCC). In this role, CZ will assist Pakistan in regulating cryptocurrency, developing blockchain infrastructure, and raising public awareness. While the goals are ambitious, the journey ahead remains challenging for Pakistan.  

In March, the country took its first leap into the world of digital currency by establishing the Pakistan Crypto Council. The council aims to foster innovation, formulate policies, and ensure a secure crypto economy in the country. 

The Finance Minister Muhammad Aurangzeb declared the appointment of Zhao as a ‘landmark moment’ for Pakistan. He stated 

“We are sending a clear message to the world: Pakistan is open for innovation” 

The Finance Minister also quoted Zhao as saying 

“Pakistan is a country of 240 million people, and over 60pc of whom are under the age of 30. The potential here is limitless”

Key Areas for Strategic Advice

As PCC is a newly established body and the cryptocurrency landscape in Pakistan remains largely unregulated and underdeveloped, the country needs comprehensive strategic guidance. In this situation, Binance’s founder will provide strategic support to Pakistan in three key areas:  

  • Regulate Cryptocurrency

CZ will assist the newly established body in drafting inclusive policies to regulate cryptocurrency

  • Blockchain Infrastructure

As a founder of Binance, CZ will provide technological assistance to sustain Web3 applications in Pakistan 

  • Public Awareness and Training

Through the platform of PCC, Zhao will promote digitally inclusive initiatives for companies and citizens, encouraging the adoption of digital assets and enhancing digital literacy

Bitcoin Mining and AI Data Centers in Pakistan

On 9 April, the head of PCC announced Pakistan’s plans to allocate part of its surplus electricity to Bitcoin mining and AI data centers. The council will finalize the location of the mining center based on the availability of excess power in specific regions.

CZ Expands Blockchain Projects Globally

Changpeng Zhao is the founder and former CEO of Binance, the largest cryptocurrency exchange in the world. The founder stepped down from the CEO position as part of a settlement with the U.S. The company was founded in 2017 and still owns an estimated 90% of the exchange plus a stash of its BNB tokens. Recently, CZ signed a deal with the Kyrgyz Republic’s National Investment Agency to support blockchain projects there.