The government of Pakistan is making significant strides in the realm of blockchain and cryptocurrency as Prime Minister Shehbaz Sharif appoints Bilal Bin Saqib, CEO of the Pakistan Crypto Council, as his special assistant on blockchain and crypto-related matters. This pivotal role, which takes effect immediately, underscores the government’s commitment to enhancing the country’s digital asset landscape.
Saqib, who holds a degree from the esteemed London School of Economics, is not only distinguished by his academic credentials but has also been recognized as a Member of the Most Excellent Order of the British Empire by King Charles III. His proactive leadership in the Pakistan Crypto Council, which recently welcomed former Binance CEO Changpeng ‘CZ’ Zhao as an adviser, positions him well to drive the government’s crypto agenda.
This appointment follows a series of progressive actions by the Pakistani government aimed at establishing a robust foundation for digital assets. Just a day prior, Pakistan allocated 2,000 megawatts of excess electricity for Bitcoin mining and artificial intelligence centers, marking a significant commitment to fostering a conducive environment for crypto-related activities.
Moreover, the Ministry of Finance in Pakistan has endorsed the creation of the Pakistan Digital Assets Authority (PDAA), a regulatory body intended to oversee the blockchain-based financial infrastructure. The PDAA will be responsible for licensing and regulating exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance applications, aiming to create a structured and secure market for digital assets.
Key Responsibilities Ahead
As the special assistant to the Prime Minister, Saqib’s responsibilities will encompass drafting regulations compliant with the Financial Action Task Force (FATF) standards, initiating state-backed Bitcoin mining projects, and overseeing the integration of blockchain technology in governance, finance, and land records. Notably, he will serve in this role without a salary or official benefits, reflecting the government’s focus on public service and innovation.
The ripple effects of Pakistan’s foray into the crypto space are already being felt across the region. In a recent testament to the growing interest, World Liberty Financial, backed by former President Donald Trump, has signed a Letter of Intent with the Pakistan Crypto Council to accelerate crypto adoption, positioning Pakistan as one of the fastest-growing markets in the industry.
As the regulatory landscape evolves, Pakistani authorities are proposing a compliance-focused framework that aligns with international standards outlined by the FATF. This paradigm shift, as noted by FIA Director Sumera Azam, seeks to balance technological advancement with national security imperatives, paving the way for a more secure digital finance ecosystem.
The developments in Pakistan not only highlight the country’s ambition to embrace the future of finance but also signal a broader trend where governments worldwide are beginning to recognize the relevance and potential of blockchain and cryptocurrency. As Pakistan continues to invest in this burgeoning sector, it will be intriguing to observe how these initiatives unfold and shape the country’s economic framework.
