Latest news with #BilalBinSaqib
Business Recorder
2 days ago
- Business
- Business Recorder
Pakistan Crypto Council's meeting on Monday
ISLAMABAD: The Pakistan Crypto Council will convene a high-level meeting on Monday, 2nd June 2025, to be chaired by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue. The meeting will serve as a strategic forum to deliberate on the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in Pakistan. Bilal Bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto, will participate in his capacity as the chief executive officer of the Pakistan Crypto Council. The meeting will also be attended by members of the council, including the governor, State Bank of Pakistan (SBP); chairman, Securities and Exchange Commission of Pakistan (SECP); secretary, Law and Justice Division; and secretary, Ministry of Information Technology and Telecommunication. Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements. A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country. The council aims to lay the foundation for a secure, transparent, and innovation-friendly regulatory environment, with a view to promoting responsible adoption of blockchain technology, protecting investors, and enhancing financial inclusion. Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Business
- Express Tribune
Bitcoin Strategic Reserve
Listen to article Pakistan's recent announcement of a state-backed Bitcoin Strategic Reserve is the latest in a series of major shifts in global crypto policy and is earning simultaneous praise and consternation. Though the policy change comes on the heels of the US setting up its own strategic crypto reserve — the largest in the world — the US reserve has been populated with only recovered and seized crypto, and the country has been clear that it does not intend to get involved in mining. Pakistan, on the other hand, must learn from the experiences of El Salvador, which became the first country to fully legalise crypto in 2021 and the first to have a crypto-induced economic crash a year later. Despite Bitcoin having recovered its price since El Salvador has had to scale back crypto purchases and mining to meet the terms of an IMF bailout that was necessitated by the failure of crypto to help improve its teetering economy, which advocates had promised was a sure thing — something that should ring familiar for Pakistanis. Our Bitcoin czar, Bilal Bin Saqib, recently said assets would "never, ever be sold" as a long-term bet on decentralised finance. While this may help a country benefit from price appreciation in the long run, Pakistan's foreign reserves are often little more than pocket change, leaving little wiggle room to spend on crypto without sacrificing elsewhere. Also, Bilal skipped over the point that Bitcoin is still technically illegal in Pakistan under SBP and SECP rules. The pivot to crypto is a high-stakes gamble which, if executed transparently, could attract foreign investment and foster financial inclusion. But the current approach feels more like a technocratic fantasy, that could prove to be two steps back for the economy and a great leap forward for corruption. After all, the Bitcoin advisors include Binance, which does business with the children and companies of President Trump, and World Liberty Financial, which is majority-owned by the Trump family and includes investors who faced fraud charges until the Trump administration dropped the cases against them. Or maybe that is the goal — investors have dropped billions into Trump-owned crypto products. Most of that money will end up in the Trump family's pockets, while the investors have seen benefits ranging from pardons to favourable White House policies.
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Business Standard
2 days ago
- Business
- Business Standard
Pakistan plans bitcoin reserve but govt says crypto still banned at home
In a high-profile presentation at the Bitcoin Vegas 2025 Conference, Pakistan took the global cryptocurrency community by surprise with an announcement to establish a state-backed Strategic Bitcoin Reserve, described as a symbolic step toward long-term engagement with decentralised finance. The declaration came from Bilal Bin Saqib, recently appointed as Special Assistant to the Prime Minister on Crypto and Blockchain with the status of a Minister of State. Saqib, also serving as CEO of the newly created Pakistan Crypto Council, made the announcement after delivering a keynote address attended by influential figures including US Vice President JD Vance, Eric Trump, and Donald Trump Jr. 'We want to thank the US because we are getting inspired from them,' Saqib said, directly tying Pakistan's crypto strategy to US President Donald Trump's pro-crypto stance. Is cryptocurrency legal in Pakistan? Government says no On May 30, Finance Secretary Imdadullah Bosal clarified before the National Assembly's Standing Committee on Finance and Revenue that cryptocurrency is not recognised as legal tender, citing guidance from the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP). 'There will be a legal framework only when the government formally takes a decision,' Bosal said, confirming that existing crypto activities remain unlawful pending legislative changes. Pakistan proposes national Bitcoin wallet and crypto mining plan Saqib had revealed plans for a national bitcoin wallet to hold digital assets 'already in state custody,' framed not as speculative investments but as part of a 'sovereign reserve' to signal Pakistan's commitment to digital finance. In a bid to attract international crypto capital and technology firms, Saqib also announced the allocation of 2,000 megawatts of surplus electricity in the initiative's first phase. This power will support bitcoin mining and AI data centres, opening what Saqib described as a 'new digital frontier' to global investors, sovereign miners, and clean energy partners. 'Pakistan is no longer defined by its past. It is being reborn as a forward-looking hub of digital innovation,' Saqib said in a statement from his office. 'If you're building something real, come build it in Pakistan.' What is the Pakistan Digital Assets Authority and what will it do? Although parallel to Saqib's overseas campaign, the Pakistani government moved to create the Pakistan Digital Assets Authority (PDAA) on May 22, to regulate and formalise crypto and blockchain technologies. According to official statements, PDAA aims to develop a FATF-compliant regulatory framework, oversee virtual asset service providers (VASPs), and integrate blockchain in land records, finance, and governance systems. The Finance Division said the broader strategy was designed to monetise surplus electricity, create high-tech jobs, attract billions in foreign direct investment, and generate substantial revenue for the state. Economists warn against speculative crypto strategy and public risk While the government pitches crypto as an avenue for digital growth and foreign investment, several Pakistani economists are expressing alarm at what they view as a risky pivot toward fictitious assets. While some of these moves appear geared toward influence-building in Washington—especially with figures close to the Trump administration taking an active interest in Pakistan's crypto developments—economists argue that when crypto is positioned as a serious business proposition by the government, it becomes dangerous because the resources being put at risk are public. One concern is the speculative nature of sovereign crypto holdings. Economists noted that suggestions to invest part of Pakistan's foreign exchange reserves in crypto mirror tactics used by speculative brokers, highlighting bitcoin's historic price rises without mentioning its extreme volatility. Bitcoin mining in Pakistan: Why are electricity subsidies raising questions? The government's allocation of 2,000 MW for bitcoin mining has also sparked scrutiny. Economists question why crypto miners should receive electricity at subsidised rates per unit, far below the rate paid by households and industry, calling the move 'puzzling and opaque.' Crypto, unlike traditional assets such as money or gold, remains largely a speculative construct with limited liquidity and broader systemic risks. Experts have likened it to previous financial bubbles built on fictitious assets, from plot file scams to the collateralised debt obligations (CDOs) that precipitated the 2008 global financial crisis.
Business Recorder
2 days ago
- Business
- Business Recorder
Pakistan Crypto Council to discuss digital asset rules in upcoming meeting
The Pakistan Crypto Council (PCC), a Pakistani regulatory body that oversees and promotes blockchain technology, will convene a high-level meeting on Monday, 2nd June 2025, to deliberate on the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in the country. The PCC meeting will be chaired by Finance Minister Muhammad Aurangzeb, read a statement released by the Ministry of Finance on Friday. Meanwhile, Bilal Bin Saqib, the recently appointed Special Assistant to the Prime Minister (SAPM) on Blockchain and Crypto, will participate in his capacity as the Chief Executive Officer of PCC. Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements. A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA)—a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country, read the statement. The PCC aims to lay the foundation for a secure, transparent, and innovation-friendly regulatory environment, to promote responsible adoption of blockchain technology, protecting investors, and enhance financial inclusion, it added. From crisis to crypto: Pakistan launches strategic Bitcoin reserve 'The upcoming meeting underscores the Government's commitment to shaping a future-ready financial infrastructure while ensuring stability and compliance in the emerging digital economy,' read the statement. The meeting will also be attended by members of the Council, including the Governor, State Bank of Pakistan (SBP); Chairman, Securities and Exchange Commission of Pakistan (SECP); Secretary, Law & Justice Division; and Secretary, Ministry of Information Technology & Telecommunication. On Thursday, the State Bank of Pakistan (SBP) and the Ministry of Finance disclosed to the National Assembly Standing Committee on Finance that cryptocurrency is not legal in Pakistan and trading of cryptocurrencies is not permitted in the country. Both the SBP and the Finance Ministry stressed the need for a robust legal framework for the trading of cryptocurrency in the country. 'Presently, cryptocurrency is banned in Pakistan,' they added. According to the SBP officials, 'the SBP in 2018 issued instructions to the banks to prohibit trading of cryptocurrency in the country. Till now, it is not a legal tender. The SBP has given its recommendations to the Crypto Council.'
Express Tribune
2 days ago
- Business
- Express Tribune
Crypto currencies use is illegal, NA panel told
Listen to article The federal government and the central bank reiterated on Thursday that the use of crypto currencies was illegal and anyone dealing in these currencies was liable to be investigated by the Financial Monitoring Unit (FMU) and the Federal Investigation Agency (FIA). The statements were made by Federal Finance Secretary Imdad Ullah Bosal and State Bank of Pakistan (SBP) Executive Director Sohail Jawad during a meeting of the National Assembly Standing Committee on Finance. The development also came a day after the newly appointed Special Assistant to Prime Minister on crypto and blockchain Bilal Bin Saqib made a pitch for the promotion of crypto currencies during his visit to the United States. Crypto is not a legal currency in Pakistan, said Bosal. He recommended to the committee to invite the Pakistan Crypto Council (PCC) for further briefing. SAPM Bilal Bin Saqib is also the chief executive officer of the PCC. "The work on the crypto currencies is at a very, very preliminary stage and whenever the government decides to take it further we would recommend to first have a comprehensive legal and regulatory framework for it," Bosal said, adding that so far, there was no such framework. Sitting on the committee, Pakistan Peoples Party (PPP) MNA Sharmila Faruqi raised the issue of the contradictory policy statements by the government with regards to the promotion of crypto currencies in Pakistan. "There seems to be no legal framework for the crypto currencies despite the fact that Pakistan has recently come out of the Financial Action Task Force [FATF] grey list," she said. In reply, Jawad hoped that the PCC would involve other stakeholders to agree on a robust legal and regulatory framework. Whereas the finance secretary was telling the National Assembly committee that the use of the crypto currencies was illegal in Pakistan, his ministry was promoting these new currencies through a different set of announcements – at least two of them coming out this week. Jawad, the SBP executive director, said that in 2018, the central bank had issued instructions to its regulated entities. "Under these instructions that are still valid, the trading and holding of the crypto currencies is illegal and these entities are bound to report such cases to the FMU for ongoing investigation by the FIA", he said. Earlier in the day, a finance ministry statement quoted Bilal Bin Saqib as saying that the government of Pakistan has allocated 2,000 megawatts of surplus electricity in Phase 1 for Bitcoin mining and artificial intelligence (AI) data centers. Bilal Bin Saqib further stated that this would open doors to sovereign miners, tech firms, and clean energy partners around the world. To harness this momentum, Saqib is also leading the creation of the Pakistan Digital Assets Authority (PDAA), it added. The PDAA would be a regulatory body designed to empower builders, protect investors, and formalise digital finance frameworks for the future, according to the ministry. However, the committee proceedings revealed a gulf between Pakistan's legal framework and the country's ambitions to go on the path to promoting digital currencies. The SBP executive director said that there was only one country in the world that declared crypto as legal tender but it too had decided to withdraw the decision. He stated that there were different forms of digital currencies, including bitcoins, stable coins, other coins and non-fungible tokens and all these classes would require a separate set of regulations. Even if the crypto currencies are banned as legal tenders, it is still being used for sending money overseas, including for buying used cars from Japan, said MNA Usama Mela of the Pakistan Tehreek-e-Insaf (PTI). There is an impression that the government itself was going to mine coins by using the 2000 megawatts of recently allocated electricity, he added. The committee also inquired about the legal backing of the council to which the finance secretary said that so far, the council was working under the executive orders of the prime minister but the government was planning to bring a law to give it the legal cover. The way the crypto currencies are promoted in the media by the government, the people have started heavily investing in it that also caused a rise in the prices, said Mirza Ikhtiar Baig of the PPP. The Finance Ministry said in its press release that Bilal Bin Saqib spoke in front of an elite audience that included the US Vice President JD Vance, Eric Trump, and Donald Trump Jr, at the Bitcoin Vegas 2025. Delivering a keynote speech, he unveiled the country's first government-led Strategic Bitcoin Reserve - and with it, a radically new vision of Pakistan on the global map, the Finance Ministry added. "Pakistan is no longer defined by its past. It is being reborn as a forward-looking hub of digital innovation - powered by its youth, sharpened by necessity, and led by a new generation of tech statesmen," Bilal stated. "I'm not just here as a minister," he continued, "I'm here as the voice of a generation — a generation that is online, on-chain, and unstoppable." Bilal announced the establishment of a national Bitcoin wallet, holding digital assets already in state custody, not for sale or speculation, but as a sovereign reserve signaling long-term belief in decentralised finance. He also thanked President Donald Trump for his role as a peacemaker in the recent India-Pakistan conflict and for his commitment to crypto adoption.
