Pakistan boost crypto partnership with US

ISLAMABAD: Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, held meetings with top US officials and lawmakers this week in Washington to strengthen cooperation on digital assets, blockchain regulation, and financial innovation.

The minister held discussions with Senator Cynthia Lummis, a key architect of US crypto legislation, as well as with Senators Bill Hagerty, Rick Scott, Tim Sheehy, and Jim Justice, all recognized advocates for blockchain innovation.

A news release on Friday said the minister also engaged with members of the House Financial Services Committee and White House advisers.

“Pakistan is not waiting to catch up — we are here to lead,” said Minister Bilal. “From Capitol Hill to the White House, I shared a new face of Pakistan: one driven by youth, innovation, and global partnerships”.

The talks not only highlighted Pakistan’s recent initiatives but also emphasized the country’s commitment to embracing innovation. During the meetings, officials specifically outlined plans for a Strategic Bitcoin Reserve, a comprehensive virtual asset regulatory framework, and the adoption of stablecoins to streamline remittances.

Furthermore, with $36 billion in annual remittances and a thriving freelance industry, Pakistan is increasingly positioning itself as a hub for responsible digital finance. As a result, the nation aims to align itself with global trends while leveraging its young population and expanding tech capabilities.

“We came to learn, listen, and contribute,” Bilal added. “Our goal is to adapt the best global ideas for Pakistan’s unique needs”.

Pakistan signaled its push to shape the digital economy in collaboration with major global players, leveraging the country’s young population and technological potential during the visit.

The drafting of a comprehensive regulatory framework for digital and virtual assets has been commenced during a high-level meeting of the Pakistan Crypto Council (PCC), marking a significant move by the government to formally regulate the growing cryptocurrency ecosystem.

The government has formed a technical committee comprising representatives from the SBP, SECP, Law Division, and IT and Telecom Division to review draft laws and propose a robust framework and governance structure.

The government expects the framework to cover various aspects, including licensing, compliance, and innovation within the digital asset ecosystem, aiming to protect investors and promote financial inclusion.

This move aligns with the global trend of regulating digital assets and follows recent developments in Pakistan, such as the launch of the country’s first government-led Strategic Bitcoin Reserve and the creation of a national Bitcoin wallet.

Although Pakistan does not currently officially regulate cryptocurrencies, the initiative signals the government’s intent to formalize the sector and integrate it into the national financial landscape.