The dangers of rushing crypto adoption

In April 2025, Pakistan announced the launch of a new Pakistan Crypto Council (PCC) and named Binance CEO Changpeng Zhao as its strategic adviser. Finance Minister Aurangzeb hailed it as “a landmark moment” for Pakistan, saying the country was ‘open for innovation’. Mr Zhao himself spoke of the ‘limitless’ potential of a nation where 60 per cent of people are under 30. Yet beneath the optimism lies a critical question: is Pakistan embracing crypto too quickly without the institutional safeguards needed to manage its risks? Pakistan’s financial oversight landscape is fragile. The State Bank of Pakistan (SBP) in 2018 warned that digital currencies, due to their decentralised nature, could become conduits for money laundering and illicit finance. That concern remains.