In a significant move towards embracing digital currencies, the Government of Pakistan has announced the appointment of Bilal Bin Saqib as the chief adviser to Finance Minister Muhammad Aurangzeb for the newly proposed Pakistan Crypto Council.
This step signals the country’s commitment to adopting cryptocurrencies as a “strategic asset” while ensuring regulatory frameworks for a secure and transparent digital financial system.
The finance ministry said on February 24 that it was considering “establishing a National Crypto Council” to adopt emerging digital currencies in line with global trends. The move, the finance division said, “reaffirms Pakistan’s commitment to embracing technological advancement while ensuring sound policy measures that support the national economy, digital transformation, and a secure, transparent financial system for all”.
Appointment signals shift toward regulatory framework for Cryptocurrencies
The Finance Division’s statement confirmed the appointment of Bilal Bin Saqib, a renowned Web3 investor and strategic adviser, to guide the government in developing policies for digital assets in Pakistan. The National Crypto Council, which is set to be established, will oversee the development and regulation of the country’s cryptocurrency ecosystem, addressing both economic and security challenges.
Previously, Pakistan’s government had maintained a cautious stance towards cryptocurrencies, citing concerns about financial security and regulatory risks. However, with over 20 million active digital asset users in the country, the government has acknowledged the need for a more structured and secure approach to digital currency adoption.
Who is Bilal Bin Saqib
Bilal has been recognized for his entrepreneurial efforts and innovation, particularly his work in Blockchain For Good, linking Non-Fungible Token (NFTs) with real-life humanitarian causes. Bilal also pioneered the world’s first NFTs aimed at combating water scarcity in Pakistan. Through his organization called Tayaba, he introduced a groundbreaking blockchain-based NFT initiative to raise funds for addressing water scarcity issues, marking the first global effort of its kind.
Saqib’s expertise in blockchain and digital finance, along with his recognition as a thought leader in the space, positions him as a key figure to lead the regulatory efforts. He was included in Forbes’ “30 under 30” list and received an MBE in 2023 for his contributions to the UK’s National Health Service.
Bilal holds a degree in Innovation and Entrepreneurship from the London School of Economics and serves on the Advisory Board of his alma mater, Queen Mary University of London. Prior to his interest in Blockchain, which began in 2017, Bilal spent 10 years as an International Strategy Consultant, advising UK companies on market entry strategies, particularly in Asia and Africa. Bilal is also the founder of Web3 Pak, a community to create awareness on web3 in Pakistan.
Embracing Cryptocurrency as a “Strategic Asset”
In his new role, Saqib will contribute to developing a comprehensive regulatory framework for digital currencies, aiming to position Pakistan as a global leader in digital finance. The Pakistan Crypto Council’s formation will align with global trends, as Saqib noted that the country is already one of the top 10 nations globally in crypto adoption.
“This council will prioritize recognizing crypto as a strategic asset, developing forward-thinking regulatory frameworks, and ensuring compliance,” he said, adding that it is essential for Pakistan to become a key player in the digital financial revolution.
Pakistan’s efforts to adopt cryptocurrencies come amidst a global shift toward recognizing digital currencies. Saqib referenced the recent decision by the United States to establish a Bitcoin Strategic Reserve, noting its potential to reshape global finance by moving beyond traditional assets like gold and oil.
Saqib outlines vision for Pakistan’s Digital Future
Saqib expressed his confidence in Pakistan’s potential to become a leader in the cryptocurrency space. “Cryptocurrency and blockchain technology hold immense potential for Pakistan, particularly for the youth, who are the driving force behind our nation’s digital future,” he said. “With the right strategies and regulatory framework, we can empower our country’s youth, foster economic growth, and establish Pakistan as a leader in the space.”
The appointment reflects Pakistan’s intention to formalize its digital asset regulations, which will allow safe investment opportunities while ensuring compliance with international standards. Saqib also emphasized the importance of leveraging artificial intelligence (AI) to enhance government efficiency and decision-making processes.
Government aims for Sustainable Growth in Digital Assets
The Finance Ministry’s recent initiatives have pointed to a vision of sustainable growth for Pakistan’s crypto sector, with an emphasis on developing a secure and transparent financial system.
Finance Minister Muhammad Aurangzeb also welcomed Saqib’s appointment, stating that his leadership will help build an effective regulatory framework while fostering innovation in the sector. “Saqib’s appointment underscores our commitment to embracing emerging technologies while ensuring a secure and transparent financial system,” Aurangzeb was quoted as saying. “We are confident that his leadership will guide the development of a sound and effective regulatory framework, fostering innovation and sustainable growth in Pakistan’s crypto sector.”
The formation of the Pakistan Crypto Council will involve cooperation with friendly nations to develop standardized frameworks for international digital economic engagement. The move aligns with global shifts towards adopting digital currencies as a legitimate store of value, and Pakistan is looking to follow suit.