Pakistan’s Finance Minister has appointed Bilal bin Saqib, a Web3 investor, as the chief advisor for the Pakistan Crypto Council. This appointment is seen as a step toward formalizing cryptocurrencies and aligns with the government’s objective of ensuring that the trade of digital assets is secure, compliant, and sustainable.
According to a report, Saqib’s background in blockchain technology and digital finance makes him the ideal candidate to help Pakistan establish a cryptocurrency regulatory framework. The announcement of his appointment comes just a few months after the government unveiled proposed amendments to the State Bank of Pakistan (SBP) Act to recognize central bank digital currencies (CBDCs) as legal tender.
As reported by Bitcoin.com News, the amendments also aim to penalize what the government refers to as unauthorized digital currency issuance. More than a year prior, the government had proposed prohibiting all internet-based crypto services. However, the appointment of Saqib is said to signify a shift in Pakistan’s stance on cryptocurrencies.
Commenting on Saqib’s appointment, Finance Minister Muhammad Aurangzeb said:
Mr. Saqib’s appointment underscores our commitment to embracing emerging technologies while ensuring a secure and transparent financial system. 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.
For his part, Saqib noted that blockchain and cryptocurrencies, which are popular among the country’s youth, hold immense potential.
“With the right strategies and regulatory framework, we can empower our country’s youth, foster economic growth, and establish Pakistan as a leader in this space,” Saqib said.
Meanwhile, a statement released by the Finance Ministry hailed the appointment as a significant step toward making Pakistan a regional leader in the cryptocurrency sector. It also ensures that the country is prepared to handle the regulatory, economic, and security challenges posed by this emerging industry.
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