In an effort to embed blockchain technology and digital assets into the economy’s financial system, Binance’s founder Changpeng Zhao has officially been selected to serve as a key advisor to the country’s recently formed Pakistan Crypto Council (PCC).

 

For reference, Binance is a world-renowned cryptocurrency exchange which offers trading services for digital assets.  

 

An update on Changpeng Zhao’s appointment came from a press release issued by the Finance Division.  However, the initial announcement was made during Changpeng’s meeting with the PCC.

 

As per credible reports, several key government officials attended the aforementioned meeting, which Finance Minister Muhammad Aurangzeb chaired.  The exchange’s founder was also involved in high-profile meetings with both Prime Minister Shehbaz Sharif and Deputy Prime Minister Ishaq Dar.

 

Information from a press release suggested that this step could effectively transform the "global cryptocurrency landscape". Reports indicate that Changpeng’s role has already been defined and that he will help the PCC with matters pertaining to the adoption, education, infrastructure and regulation of digital assets.

 

Chengpeng has highlighted how the potential in Pakistan is "limitless" given how 60 percent of Pakistan’s 240 million people happen to be below the age of 30. This factor could significantly assist with the adoption of digital assets on a wide scale as some believe that younger individuals are more likely to park their funds into them.

 

 

He aims to collaborate with public and private sectors to foster inclusivity and competition in the domestic crypto landscape. These developments have allowed Pakistan to become a Web3-ready country, joining the likes of Dubai and Singapore. However, many are uncertain if being part of a decentralised digital future is the best move for Pakistan.

 

Cryptocurrencies are highly volatile in nature and are subject to massive fluctuations in price. For instance, data from crypto exchanges on Monday indicated that approximately $230 billion had been wiped out from digital asset markets in just 24 hours.

 

Moreover, according to a mainstream crypto exchange, an 8.82 percent decline was recorded in the total crypto market capitalisation from Sunday to Monday, causing it to fall to $2.42 trillion. While Singapore and Dubai might be able to absorb such fluctuations and downturns in the price of digital assets, cash-strapped Pakistan might not fare too well.