Business Recorder: Pakistan Explores Blockchain with New Appointment
The appointment of Bilal Bin Saqib as special assistant on blockchain and cryptocurrency marks a significant step towards regulating digital assets and promoting economic growth in Pakistan, with a focus on developing a comprehensive regulatory framework and harnessing the potential of emerging technologies.
Prime Minister Shehbaz Sharif has appointed Bilal Bin Saqib as his special assistant on blockchain and cryptocurrency, tasking him with developing a FATF-compliant regulatory framework for digital assets and integrating blockchain technology into various sectors.
Saqib, who is also the CEO of the Pakistan Crypto Council, will oversee the launch of Bitcoin mining initiatives and facilitate the licensing and oversight of virtual asset service providers. His appointment comes as the government unveiled a comprehensive strategy to regulate digital assets and grow Pakistan's virtual asset economy, including the creation of the Pakistan Digital Assets Authority.
The move reflects Pakistan's commitment to aligning with global trends and leveraging emerging technologies for economic growth and global competitiveness. With 40 million crypto users and an annual crypto trading volume exceeding $300 billion, Pakistan has a significant digital landscape that can be harnessed for development. Saqib's experience in blockchain technology and crypto investments makes him an ideal candidate to lead this initiative.
Saqib has been recognized internationally for his work, including being awarded an MBE by King Charles III for his humanitarian efforts during the COVID-19 pandemic. His appointment is seen as a positive step towards promoting investor protection and Web3 ecosystem growth in Pakistan.
As Pakistan continues to explore the potential of blockchain and cryptocurrency, Saqib's appointment is expected to play a key role in shaping the country's digital asset economy and promoting its growth and development.