State Minister Saqib, Trump aide discuss Pakistan plans to become regional Web3 innovation hub
Web3 is a decentralized Internet built on blockchain, giving users control over their data, identity and digital assets by using peer-to-peer networks, smart contracts and cryptocurrencies to enable intermediary-free interactions. It supports decentralized apps like NFTs and DAOs to promote transparency and user ownership unlike Web2 which is dominated by platforms like Google and Facebook.
The move follows a landmark trade deal between Pakistan and the US, which includes reduced tariffs and a new partnership to develop Pakistan's oil reserves, and the Pakistani ministry said the developments were discussed during Saqib's meeting with Hines, executive director of Trump's Council of Advisers on Digital Assets.
'The discussion centered on the global coordination of crypto policy and Pakistan's ambitious plans to become a regional hub for Web3 innovation,' the Pakistani finance ministry said. 'The alignment sends a strong signal: Pakistan and the US are no longer just trading partners. They are exploring now on how they can collaborate on crypto legislation.'
The meeting took place a day after the US unveiled its Digital Asset Framework, a blueprint for global regulation of digital assets.
Saqib and Hines also met in June at the White House to discuss aligning strategies on decentralized technology, fostering regulatory harmony and promoting innovation for youth engagement and financial inclusion.
While cryptocurrencies like Bitcoin are not officially regulated in Pakistan, they are not banned and the State Bank of Pakistan has not authorized any entity to trade or invest in digital assets.
In March, Islamabad launched the Pakistan Crypto Council (PCC) to develop a legal framework for cryptocurrency trading and attract global investment, with Binance co-founder and former CEO Changpeng Zhao appointed the PCC's strategic adviser.
Pakistan introduced in April its first-ever policy framework to regulate virtual assets and service providers, aligning with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).
The country's digital asset strategy includes allocating 2,000 megawatts of surplus power for Bitcoin mining and AI data zones to convert unused energy into economic growth, jobs and digital infrastructure.
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