Binance founder Changpeng Zhao to help Pakistan boost crypto trading bid

Pakistan has roped in Changpeng Zhao, the cofounder of the world’s largest crypto exchange Binance, to set up a globally competitive platform for digital finance in the South Asian nation.

Binance’s Zhao will guide the Pakistan’s newly-formed Crypto Council on regulation, infrastructure, education and adoption as a strategic advisor, according to a statement issued by the finance ministry.

The appointment comes at a time when Pakistan is desperately looking for investments to bolster the country’s economy that dodged a financial default in 2023. The government plans to develop a legal framework for crypto currency trading to lure foreign investors.

“With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and block chain-driven growth,” finance minister Muhammad Aurangzeb commented in the statement.

Crypto trading is steadily gaining traction among Pakistan’s 230-million population despite its central bank’s warning over the risks posed by the industry.