Pakistan has taken a major step towards integrating blockchain technology and digital assets into its financial system with the launch of the Pakistan Crypto Council (PCC). Spearheaded by Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb, this initiative aims to regulate and oversee the adoption of digital finance in the country.

While this development has generated optimism, the real question remains: will it empower Pakistan’s thriving freelance economy, or will it become another bureaucratic roadblock?

What is the Pakistan Crypto Council?

The Pakistan Crypto Council is a newly formed regulatory body tasked with formulating policies, fostering innovation, and ensuring a secure approach to blockchain adoption. According to the Ministry of Finance, the PCC is set to play a crucial role in shaping Pakistan’s digital financial future.

The council is chaired by Finance Minister Muhammad Aurangzeb, with Bilal Bin Saqib, the chief advisor to the finance minister, serving as CEO. Other members include representatives from the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), the federal law secretary, and the federal IT secretary.

Why Now?

The formation of the PCC follows a recent U.S. delegation’s meeting with Pakistan’s finance minister to discuss digital finance initiatives. Additionally, amendments to the SBP Act are being considered to legalize digital currencies, although political disagreements have delayed their implementation.

Historically, Pakistan’s financial authorities have been cautious about cryptocurrencies due to concerns over fraud, money laundering, and terrorism financing. The SBP has issued multiple warnings against digital currencies like Bitcoin and Litecoin. However, with global finance rapidly evolving, Pakistan is looking to position itself as a leader in digital finance. “The world is moving rapidly toward digital finance, and Pakistan wants to be a leader in this space,” stated Finance Minister Aurangzeb.

Read More : The Role of Central Bank Digital Currencies (CBDCs) in Finance

Impact on Freelancers

Pakistan is home to one of the largest freelance communities in the world, with thousands of professionals offering services such as software development, graphic design, and digital marketing. The formation of the PCC has the potential to revolutionize freelancer payments—if executed effectively.

Current Challenges

Pakistani freelancers struggle with receiving international payments due to high fees, long processing times, and the unavailability of platforms like PayPal. Many rely on wire transfers or intermediary services, which can be inconvenient and costly.

How Crypto Could Help

Cryptocurrency payments could offer a faster, more cost-effective solution:

• Instant Transactions: Unlike traditional banking, which has working hours, crypto operates 24/7.
• Lower Fees: Cryptocurrency transactions often cost significantly less than traditional banking methods.
• No Intermediaries: Payments can be made directly without relying on banks.

Muhammad Ahmed, a Lahore-based freelance graphic designer, highlighted this potential: “With crypto, I could receive payments from clients abroad instantly without worrying about bank holidays or delays.”

Concerns and Limitations

While crypto payments sound promising, there are concerns about the PCC’s structure. Critics point out the lack of blockchain and fintech experts in the council, which could lead to ineffective policies.

Additionally, the proposed amendments to the SBP Act hint at the introduction of a state-backed digital currency instead of embracing decentralized cryptocurrencies like Bitcoin. While a government-backed digital currency might improve transaction efficiency, it wouldn’t provide the same level of financial autonomy that many freelancers desire.

Freelancers also fear excessive regulations. If the government enforces strict Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, signing up for crypto services could become as difficult as opening a traditional bank account.

Who Benefits?

Freelancers stand to gain the most from a well-regulated crypto environment. Faster, cheaper transactions could boost their competitiveness on global platforms. “Clients often hesitate to hire Pakistani freelancers due to payment complications,” said Ayesha Khan, a Karachi-based content writer. “If crypto makes payments smoother, it could open new doors for us.”

However, skepticism remains. Some argue that the government’s sudden interest in digital finance is more about optics than actual reform. “The government needs to prove it’s not just hopping onto the crypto bandwagon for headlines,” cautioned a Dawn editorial. Without proper infrastructure and education, freelancers might struggle to adapt to new financial policies.

Why Should Freelancers Care?

The potential benefits of cryptocurrency adoption for freelancers are significant, but so are the risks. A well-executed strategy could reduce dependency on expensive intermediaries and grant freelancers more financial freedom. On the other hand, restrictive policies or heavy taxation could render the initiative ineffective.

“This could be a breakthrough or just another layer of bureaucracy,” warned Ahmed. “It all depends on how the PCC operates.”

What’s Next?

As the PCC begins its work, freelancers must stay informed and engaged. Advocacy groups should push for freelancer representation in policy discussions, ensuring that their needs are addressed. Additionally, freelancers should educate themselves on digital finance trends to prepare for any upcoming regulatory changes.

Pakistan’s freelance economy has massive potential, and the PCC could be a game-changer if implemented wisely. Whether this initiative leads to financial empowerment or additional bureaucracy remains to be seen, but for now, Pakistan’s freelancers are watching closely—with both hope and caution.