Bilal bin Saqib: The new chief advisor on Pakistan Crypto Council
Bilal Bin Saqib is also highlighted as Forbes 30 under 30 innovators. PHOTO: BILAL SAQIB WEBSITE
Listen to article
Pakistan has appointed Bilal Bin Saqib as the Chief Advisor to the Finance Minister for the Pakistan Crypto Council, a significant step as the country moves towards establishing a structured regulatory framework for digital assets.
The announcement was made on Wednesday by the Finance Division, which stated that the move reaffirms Pakistan's commitment to technological advancement, economic digitization, and financial security.
'Bilal Bin Saqib will lend his extensive knowledge and experience to Pakistan's efforts to integrate cryptocurrency and blockchain technologies into its financial ecosystem while ensuring the development of a robust regulatory framework for digital assets in alignment with global best practices,' the statement read.
Saqib, a Forbes-recognized entrepreneur and Web3 investor, has been an influential figure in the blockchain space. His appointment comes at a time when Pakistan is exploring digital currency adoption amid evolving global regulations.
The finance ministry noted that Saqib's expertise will also extend to artificial intelligence (AI) applications in governance, aimed at improving efficiency, optimizing decision-making, and fostering public-sector innovation.
His appointment, the statement added, marks a critical step in Pakistan's efforts to mitigate risks, ensure financial security, and assess the broader impact of cryptocurrencies on the national economy.
'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 an effective regulatory framework, fostering innovation and sustainable growth in Pakistan's crypto sector,' the ministry said.
Who is Bilal Bin Saqib?
A London-based entrepreneur, Bilal Bin Saqib has been at the forefront of digital innovation and social impact. Recognized by King Charles III, the late Queen Elizabeth II, and the Mayor of London, Saqib's work spans across blockchain technology, crypto investments, and social entrepreneurship.
In 2023, he was awarded an MBE (Member of the British Empire) for his humanitarian efforts during the COVID-19 pandemic, during which he led the One Million Meals initiative, delivering over 100,000 meals to NHS staff and vulnerable populations across the UK.
His academic credentials include a Master's in Social Innovation and Entrepreneurship from the London School of Economics (LSE). He also received the 1632nd Points of Light Award, a recognition granted by the British Prime Minister to individuals making outstanding contributions to their communities.
Beyond his work in fintech, Saqib co-founded Tayaba, a social enterprise focused on Pakistan's water crisis, introducing the H2O Wheel, an innovative water transportation device designed to ease the burden on rural communities.
Pakistan's crypto roadmap
Pakistan's cryptocurrency landscape has been evolving, with the government signaling its intent to formalize digital asset regulations. The appointment of a dedicated crypto advisor is viewed as a strategic move to align Pakistan's policies with global financial trends.
In his first remarks after the appointment, Saqib emphasized the transformative potential of cryptocurrency in Pakistan, particularly for the younger generation.
'Cryptocurrency and blockchain technology hold immense potential for Pakistan, particularly for the youth, who are the driving force behind our nation's digital future. 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,' Saqib stated.
The finance ministry sees his appointment as a crucial milestone in Pakistan's digital transformation, ensuring that the country is prepared to handle the regulatory, economic, and security challenges posed by this rapidly evolving sector.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
18 hours ago
- Business Recorder
Rs77 per litre PL on furnace oil likely
ISLAMABAD: The government is set to impose Petroleum Levy (PL) of Rs 77 per litre (Rs 82,077 per metric ton) on furnace oil starting July 1, 2025, following the enactment of amendments to the Petroleum Levy Ordinance, 1961 through the Finance Act 2025-26. According to the Petroleum Division, this move is part of Pakistan's ongoing commitments under the IMF's Resilience and Sustainability Facility (RSF) programme. The government has agreed to introduce a Carbon Levy on petrol, diesel, and furnace oil, along with a Petroleum Levy specifically on furnace oil, as part of broader fiscal and environmental reforms. A relevant extract from the agreement states: 'RM 3 (end-June 2025) Carbon Levy: This will include a supplementary carbon levy imposed through the PDL (Petroleum Development Levy) on gasoline and diesel at PRs 5 per litre, phased in over two years. As part of this reform, fuel oil will be added to the PDL, with both base and supplementary rates applicable. Petrol, HSD and furnace oil: Rs2.5/litre carbon levy imposed The scope, phasing, and level of the supplementary carbon levy will be legislated through the FY26 Finance Act. Future Finance Acts may increase the carbon levy beyond this initial rate as needed.' As per the proposed amendments (Annex-I) included in the draft Finance Bill 2025-26: A Carbon Levy of Rs 2.5 per litre will be imposed on motor spirit (petrol) and high-speed diesel for FY 2025-26, which will be increased to Rs 5 per litre in FY 2026-27. On furnace oil, a Carbon Levy of Rs 2.5 per litre (Rs 2,665/MT) will apply in FY 2025-26, rising to Rs 5 per litre in FY 2026-27, in addition to the Petroleum Levy of Rs 77 per litre (as agreed with the IMF). The Petroleum Division has confirmed that these rates were agreed during discussions with the IMF and will take effect once the Finance Act is enacted. Under the amended Petroleum Levy Ordinance, 1961, the federal government is authorized to determine and notify applicable PL rates. The proposals for both the Carbon Levy and the Petroleum Levy—as outlined in paragraphs 2 and 3 of the summary—are being submitted to the Federal Cabinet for formal consideration and approval. It was also noted that the Finance Division and Petroleum Division jointly finalized the principles and rates of the levies with the IMF, and thus, the summary has not been circulated for formal comments from the Finance Division. Copyright Business Recorder, 2025
Business Recorder
20 hours ago
- Business Recorder
US says monitoring Israel-Iran attacks' impact on global energy supply
WASHINGTON: U.S. Energy Secretary Chris Wright said on Friday he and his team are working with the White House's National Security Council to monitor the situation in the Middle East and any potential impacts to global energy supply. Wright said on X, after Israel's strikes on Iran's nuclear sites and Iran's response of missiles on Israel, that President Donald Trump's policy of maximizing U.S. oil and gas output, which also involves slashing pollution regulations, has boosted U.S. energy security. Oil and gas sites in Iran, an OPEC member, have not been targeted, analysts have said. Global crude oil prices spiked on Friday, settling 7% higher at more than $74 per barrel on investor worries about conflict spreading to the wider Middle East. Iran strikes back at Israel with missiles over Jerusalem, Tel Aviv And U.S. gasoline prices could rise about 20 cents a gallon in coming days during peak U.S. summer driving season 'creating economic pressures and political headwinds for President Donald Trump, who campaigned on lowering energy costs,' analysts at ClearView Energy Partners said in a note to clients. ClearView said higher prices could push Trump to focus on tapping strategic petroleum reserves, seeking supply additions from the OPEC+ production group, and could complicate efforts to tighten sanctions on Russia, one of the world's top three oil producers. The U.S. Energy Department did not immediately respond to a question about the potential to tap the U.S. Strategic Petroleum Reserve (SPR), the world's largest, which currently holds 402.1 million barrels of crude. Fatih Birol, the head of the Paris-based International Energy Agency, said on X that the IEA oil security system, which includes the U.S. SPR, has more than 1.2 billion barrels of emergency stocks. The Organization of the Petroleum Exporting Countries slammed Birol's post, saying on X it raises false alarms and 'projects a sense of market fear.'
Express Tribune
a day ago
- Express Tribune
From forerunner to far-runner
Listen to article As Pakistan Petroleum Limited (PPL) marks 75 years of service with a ceremonial celebration at the Karachi Golf Club on 17 June 2025, it is not only a time to recognise longevity, but to reflect critically on what sustains corporate institutions — and what imperils them. Corporate history is filled with tales of giants that faltered. The East India Company, established in 1600, grew to dominate trade across Asia. For over two centuries, it enjoyed extraordinary power — military, economic and political. But in the aftermath of the Indian Mutiny of 1857, it was dissolved by the British Crown. A potent symbol of unchecked expansion, its fate remains a cautionary tale of what happens when institutions outgrow accountability. A more recent and instructive example is the Hudson's Bay Company (HBC) of Canada. Founded in 1670, HBC was one of the oldest and most iconic companies in North America. Originally created as a fur trading business, it evolved into a vast retail empire, owning department stores, land holdings and financial interests. For over three and a half centuries, it adapted to changing markets and consumer needs. But cracks began to show in the early 21st century. Faced with mounting digital competition, shifting shopping behaviours and strategic indecision, HBC failed to reinvent itself fast enough. After years of losses and restructuring, the company filed for creditor protection in March 2025 and officially ceased operations in June. The fall of HBC underscores a central truth: legacy cannot be taken for granted. Even the most enduring companies must remain rooted in operational logic and responsive to change. This brings us to a decision that is currently casting a shadow over PPL's otherwise commendable milestone — the reported plan to relocate its head office from Karachi to Islamabad. This move raises serious concerns not only about efficiency but also about motive. PPL's operational backbone lies in Sindh and Balochistan. Its major gas fields - Sui, Kandhkot, Mazarani and many others - are located in these provinces. The company's ventures in lead, zinc and iron ore are Balochistan-based. Bolan Mining Enterprises, a 50:50 joint venture with the Government of Balochistan, produces barite from Khuzdar and is headquartered in Quetta. Most technical and operational coordination, along with joint ventures and field logistics, are centred in the southern region of the country. Above all, PPL's 8.33% share in Reko Diq gold mine, a game changer for the Company, is also situated in Balochistan. Thus, a shift to Islamabad appears neither administratively necessary nor economically sound. Rather, it seems to reflect parochial considerations, disconnected from ground realities. Such a move risks weakening the company's alignment with its core operations and alienating the very regions that support its business. Strategically, it would place management further away from operational hubs, complicate coordination and increase costs — without any clear upside. Symbolically, it risks diminishing Karachi's historic role as a corporate and industrial hub, and more critically, sending the wrong message about national cohesion and balanced development. At a time when PPL should be consolidating its position, investing in exploration and preparing for energy transition challenges, such a move seems both untimely and unwise. It is hoped that the Petroleum Minister, known for his energy and intellect, will examine this matter closely. Pragmatism, not symbolism, must guide policy. The story of corporate survival is rarely about grandeur — it is about good judgment. Hudson's Bay did not fall overnight. It fell by drifting away from its strengths and delaying key decisions. PPL has the experience and legacy to endure — but only if it avoids complacency and stays connected to its operational roots. Longevity in business is not just about staying alive — it is about staying relevant. Let us hope PPL chooses wisely as it steps into its next quarter century. My thoughts are best reflected in these verses by Iftikhar Arif: Yeh kya keh khaak huwai hum jahan wahin kay nahin; Jo hum yahan kay nahin hain to phir kahin kay nahin Wafa sarisht mai hoti to samnay aati; Woh kya falak sai nibhain gai jo zameen kay nahin
