Pakistan has appointed Changpeng “CZ” Zhao, the former CEO of Binance, as an official adviser to its newly launched Crypto Council. The move, confirmed by the finance ministry and first reported by Bloomberg on April 7, signals a bold step toward establishing the country as a global crypto player.

Zhao, a major figure in the crypto world, led Binance from 2017 to 2023 before stepping down after pleading guilty to violating U.S. anti-money laundering laws. He served a four-month prison sentence. Despite his legal history, Pakistan sees his global influence and expertise as valuable assets in crafting effective digital asset regulation and infrastructure.

The Crypto Council, under CEO Bilal bin Saqib, plans to create a clear regulatory framework aimed at attracting foreign investors. Saqib emphasized that Pakistan is no longer content to watch from the sidelines. With a young, tech-savvy population and a fast-growing Web3 workforce, the country is positioning itself as a cost-effective, high-growth destination for crypto innovation.

Pakistan has seen a surge in crypto use, especially stablecoins, as a hedge against the devaluation of the Pakistani rupee. While concrete data remains limited, a 2023 KuCoin survey found that 33% of local investors use crypto to protect against currency depreciation. A more recent Bitget survey revealed that 46% of South Asian users value crypto for its transaction speed and accessibility.

Pakistan ranks high in Chainalysis’ 2024 Global Crypto Adoption Index, thanks to robust retail usage and activity on centralized platforms. With Zhao now on board, Pakistan's crypto ambitions could enter a new era—despite the controversy surrounding its newest adviser.