Latest news with #BilalbinSaqib
Business Recorder
21 hours ago
- Business
- Business Recorder
Pakistan Crypto Council reviews progress on digital assets regulatory framework
ISLAMABAD: A follow-up meeting of the Pakistan Crypto Council (PCC) was held Thursday at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in Pakistan. The session was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting was attended virtually by Bilal bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto and Chief Executive Officer of the Pakistan Crypto Council. Other participants included the Governor of the State Bank of Pakistan (SBP); Chairman of the Securities and Exchange Commission of Pakistan (SECP); Secretary, Law & Justice Division; and Secretary, Ministry of Information Technology & Telecommunication. Regulatory framework for digital, virtual assets discussed During the meeting, the Ministry of Law and Justice tabled a draft of the proposed legal framework, developed through close collaboration with members of the Pakistan Crypto Council, key stakeholders, and technical experts. The draft legislation outlines a robust regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols, and investor protection provisions. Designed in alignment with international best practices and evolving global standards, the proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem. Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business
- Business Recorder
PCC reviews progress on digital assets regulatory framework
ISLAMABAD: A follow-up meeting of the Pakistan Crypto Council (PCC) was held Thursday at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in Pakistan. The session was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting was attended virtually by Bilal bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto and Chief Executive Officer of the Pakistan Crypto Council. Other participants included the Governor of the State Bank of Pakistan (SBP); Chairman of the Securities and Exchange Commission of Pakistan (SECP); Secretary, Law & Justice Division; and Secretary, Ministry of Information Technology & Telecommunication. Regulatory framework for digital, virtual assets discussed During the meeting, the Ministry of Law and Justice tabled a draft of the proposed legal framework, developed through close collaboration with members of the Pakistan Crypto Council, key stakeholders, and technical experts. The draft legislation outlines a robust regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols, and investor protection provisions. Designed in alignment with international best practices and evolving global standards, the proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business
- Business Recorder
Bilal meets Trump Council boss
WASHINGTON: Minister of State for Crypto and Blockchain Bilal bin Saqib met with Executive Director of President Trump's Council on Digital Assets, Robert 'Bo' Hines, at the White House. During the meeting, both sides discussed ways to enhance cooperation between Pakistan and the United States in the field of digital assets. Key areas of discussion included Bitcoin, future partnerships, and potential collaboration in the evolving global digital economy. They also discussed strategic alignment on digital assets, Bitcoin integration and the future of decentralized infrastructure. A major topic of the meeting was Pakistan's recently announced strategic Bitcoin reserves, which were explored in detail as a step toward strengthening the country's position in the digital finance space.
Business Recorder
5 days ago
- Business
- Business Recorder
Legal gaps in crypto adoption
EDITORIAL: Pakistan's push to embrace cryptocurrency has seen the government take a host of measures over the last few months to promote the adoption of digital assets like Bitcoin. From the establishment of the Pakistan Crypto Council and appointing entrepreneur Bilal bin Saqib as its CEO with the status of minister of state, to allocating 2,000MW of surplus electricity for Bitcoin mining and the finance minister's declaration that Pakistan wishes to be a leader in this space, all reflect a coordinated effort to position the country at the forefront of the digital economy. What completely boggles the mind, however, is that amid this enthusiastic drive for crypto adoption, one basic fact has been persistently overlooked: cryptocurrency remains illegal in Pakistan. All transactions involving such assets are prohibited under current regulations, and anyone dealing in these currencies is liable to be investigated by the Financial Monitoring Unit and the FIA. This was made clear in no uncertain terms by senior officials of the State Bank of Pakistan and the finance ministry during a meeting of the National Assembly's Standing Committee on Finance and Revenue on May 29. Finance Secretary Imdadullah Bosal's categorical statement that 'crypto is not a legal tender in Pakistan' is something that casts a long shadow over the government's recent actions in this space. It highlights a shocking lack of policy coherence and prompts broader questions about the prudence of promoting crypto initiatives without first putting in place a clear legal framework. The result is a climate of confusion and uncertainty, leaving investors, regulators and the public unsure of the government's true policy direction and intent behind these contradictory signals. While some of the government's moves in this space may be seen as attempts to garner influence with the Trump Administration, which includes strong advocates of cryptocurrency, its actions appear to go beyond merely symbolic gestures. At the recent 2025 Bitcoin Conference held in Las Vegas, for instance, Bilal bin Saqib unveiled Pakistan's first government-led Strategic Bitcoin Reserve, intended to hold digital assets in state custody as a sovereign reserve. This, along with other initiatives, suggests a clear intent to integrate crypto into national economic strategy despite the legal and regulatory contradictions, and the inherent risks of embracing an asset class, which thus far has been known for its volatility, lack of effective oversight mechanisms and susceptibility to speculative bubbles. The fact of the matter is that cryptocurrency is not considered legal tender in most countries of the world, including in the US. There is still little regulatory clarity to the cryptocurrency space in most jurisdictions, with it long having operated on the fringes of the mainstream global financial system due to its volatile nature, resistance from central banks and limited mainstream adoption by businesses. This is not to say that cryptocurrencies cannot achieve legitimate adoption in a safe and regulated manner that preserves financial stability. But for that to happen, governments would need to establish clear regulatory frameworks that address consumer protection, financial stability risks and anti-money laundering concerns while fostering innovation. In Pakistan's case, crypto adoption demands carefully crafted regulations that balance risk — particularly regarding capital flight — with opportunities for financial inclusion and improved remittance flows. Given our fragile economic position and IMF commitments, we must proceed cautiously by first establishing a clear regulatory framework developed through collaboration between blockchain specialists, technologists and economic managers who understand both our economic challenges and risks of crypto adoption. The current approach of haphazard adoption without proper legal safeguards creates dangerous uncertainty: it encourages public investment in an illegal asset class, exposing citizens to potential legal consequences, and leaves our economy vulnerable to capital flight and money laundering risks. The government must rethink this blind embrace of crypto and first build legal guardrails before proceeding further. Copyright Business Recorder, 2025
Time of India
29-05-2025
- Business
- Time of India
Pakistan makes a 'Bitcoin promise', thanks US for inspiration
Image credit: X/ Pakistan Crypto Council Pakistan will create a national reserve of bitcoin, Bilal bin Saqib , CEO – Pakistan Crypto Council and Minister of Crypto and Blockchain announced on Wednesday, May 28. Speaking at the Bitcoin 2025 Vegas conference , Bilal said that the government will hold bitcoin in a national wallet and plans to 'never ever' sell them. The development comes a week after Pakistan's finance ministry unveiled plans to assign 2000 megawatts (MW) of electricity to power bitcoin mining and artificial intelligence data centers. For those unaware, Pakistan Crypto Council is a government-backed regulatory body tasked with promoting blockchains and digital assets within the country. Sharing a clip from the event, Pakistan Crypto Council wrote: 'Today, Pakistan rewrites history. At Bitcoin 2025 Vegas, Minister of Crypto and Blockchain @bilalbinsaqib announces that Pakistan will be setting up its Strategic Bitcoin Reserve.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Pakistan takes inspiration from US At the Bitcoin 2025 Vegas conference, Bilal– the chief advisor to the country's Finance Minister said ' Today, I announce that the Pakistani government is setting up their own government-led Bitcoin strategic reserve', adding further that 'this wallet, the National Bitcoin wallet is not for speculation or hype'. 'We will be holding these Bitcoins and will never sell them'. Bilal further states: "We want to thank the U.S. because we are getting inspired from them". Pakistan allocates 2,000 MW of electricity for bitcoin mining As mentioned above, Pakistan has announced the allocation of 2,000 MW to power Bitcoin mining and artificial intelligence (AI) data centers. This initiative, led by the PCC and supported by the Ministry of Finance, aims to transform excess energy to create high-tech job opportunities and attract foreign investment. Lost keys? Not anymore! Best Bluetooth trackers for Android under Rs 1,500! AI Masterclass for Students. Upskill Young Ones Today!– Join Now
