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Express Tribune
4 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.
Miami Herald
05-05-2025
- Business
- Miami Herald
Florida Memorial University partners with developer for multi-million dollar upgrades
William McCormick and his staff had been trying to recruit professors to Florida Memorial University, the only historically Black university in South Florida, but ran into an issue: new hires couldn't find affordable housing. 'Even when we interviewed qualified candidates, they would accept the job, but then they couldn't find proper housing,' McCormick, FMU's interim president told the Miami Herald. 'So we didn't get quality hires on board because they just couldn't afford to find some place to stay.' The average salary for an employee at Florida Memorial is $77,611, according to a website that contains compensation data, but the median cost of a home in Miami Gardens, where FMU is located, is more than $530,000, according to Zillow, and the average cost of rent is $3,000. The solution that the university found was to partner with a Miami-based developer to build workforce housing for its employees and residents and additional student housing with the hopes of accommodating its current student population and increasing enrollment. The partnership with Redwood Dev Co would add at least six residential buildings with 300 units each on partially-vacant land owned by the university just outside of its campus in Miami Gardens near the Miami-Opa-locka Executive Airport. Another 1,000 dorms will also be built on campus, co-founder and principal David Burstyn told the Herald. Plans also call for updated amenities, including a cafe, new basketball courts, a turf field, and academic facilities. All told, the development could cost between $500 million and $1 billion, he said. Construction is expected to begin within the next 12 months. Details on the price for the workforce housing units have not been released. The partnership is similar to other private-public partnerships developers do with municipalities. FMU will lease its land for a select amount of years to developers at a low rate, and Redwood Dev Co will find the financing for the development. 'What we're going to be doing in that first phase is a complete face-lift of the front of the university with the security-guard gate, landscaping and giving a real curb appeal, freshness for the community,' Burstyn said. 'So when you drive through FMU, you could really see that this is a project that is being underway and has not only the short-term but the long-term vision.' McCormick said he also wants to grow the student population from 1,300 to about 3,000 students, something that additional beds could help with. Right now, the university has about 800 beds for students. When McCormick saw the lack of affordable housing in South Florida cost FMU new hires, he realized the university had enough land to meet a need on campus and for its potential employees . He eventually met with Burstyn about potentially building housing on and near campus and other potential upgrades on campus. A plan was presented to and approved by the FMU board of trustees at a February meeting, McCormick said. 'There's a big need in Miami-Dade, and being able to present an opportunity for them to get some decent housing, I think it's a good testament to our commitment to [residents] as they've been committed to us,' he said about the affordable housing. 'Part of this vision of President McCormick is what's also going to help the growth of the university,' Redwood Dev. Co co-founder and principal Brian Sidman said. 'By having additional housing on the workforce side and helping the local community, we will also help with his vision for the university in terms of growing the student population with new best-in-class facilities.' Developers have also partnered with Miami-based architect Kobi Karp, who wants to maintain the history of the 146-year-old institution while highlighting it as an 'educational destination.' Karp said the school's location near the border of Broward and Miami-Dade counties makes it a prime institution to attract students across South Florida. 'We want to step up and create a campus that is relevant and compatible,' Karp told the Herald. 'I have a desire, with the president and his whole team, to create a signature destination here, second to none.' McCormick views the partnership as a possibility for other HBCUs that might be running into a similar issue. 'How many other HBCUs across the country could benefit from a model that we are creating, a national model?' he wondered. 'We're going to start local, bring the benefits and show the diversity of ideas and vision, the innovation, and create this development ecosystem on the campuses of HBCUs.'
Yahoo
21-03-2025
- Science
- Yahoo
Francis Marion University awarded grant for new aquatic research vessel
FLORENCE, S.C. (WBTW) — Students at Francis Marion University will be given hands-on research experiences with a new aquatic research vessel, provided by a grant from the Duke Energy Foundation, according to a news release from the university. Faculty and staff will be able to engage in immersive research opportunities, including large-scale water quality sampling, discharge monitoring, contour mapping, hydrological surveys, and substrate sampling, a news release said. 'Duke Energy Foundation has long been a strong supporter of Francis Marion University,' FMU President Fred Carter said. This grant is the third in a series of grants that the university has received from Duke Energy Foundation aimed at enhancing student learning in environmental studies. 'This generous grant will play a pivotal role in providing additional aquatic opportunities for our students, especially those studying biology and environmental science,' Carter furthered. 'I am deeply appreciative of the support Duke Energy continues to provide.' The foundation also provided FMU with a grant in 2019 to purchase an electrofishing vessel. This vessel is used in a variety of courses and benefits the university's biology and environmental science and studies programs, a release said. The electrofishing vessel also provides an immersive experience for students and gives them real world training. The university said that there have been nine undergraduate conference presentations and one publication have resulted from the use of the vessel. These projects have included the trophic dynamic of the fish community in the Great Pee Dee River, larval fish community assessment in the Great Pee Dee River, juvenile striped bass habitat use, and the shape analysis of the longnose gar, among others. Prior to this most recent grant, the university also received a grant funding another student experiential vehicle, a Winnebago, that will be used as a mobile learning lab by FMU students, particularly those in the sciences. * * * Jordan White is a Digital Producer at News13. She joined the News13 team in August 2024. Jordan, a Myrtle Beach native, graduated from St. James High School in Murrells Inlet and is a graduate of Coker University. Follow Jordan on Facebook, X, formerly Twitter, and read more of her work here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Arab News
05-02-2025
- Business
- Arab News
Saudi cabinet approves memorandum of understanding with Pakistan to combat financial crimes
ISLAMABAD: Saudi Arabia's cabinet, chaired by Crown Prince Mohammed bin Salman, has approved a memorandum of understanding (MoU) with Pakistan's Financial Monitoring Unit (FMU) to enhance cooperation in combating money laundering, terrorist financing and related crimes, the Saudi Press Agency reported this week. Pakistan has faced significant challenges with money laundering and terrorist financing in recent years, leading to its placement on the Financial Action Task Force's (FATF) grey list in June 2018. After implementing comprehensive reforms to strengthen its financial system, the country was removed from the grey list in October 2022. The FMU, established under the Anti-Money Laundering Act of 2010, serves as Pakistan's financial intelligence unit, responsible for analyzing suspicious transaction reports and coordinating with international counterparts. '[The cabinet approved] a memorandum of understanding between the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia and the Financial Monitoring Unit in the Islamic Republic of Pakistan regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes,' the SPA reported. The MoU signifies the deepening strategic relations between Saudi Arabia and Pakistan. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there. Saudi Arabia has been a key supporter of Pakistan's economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities. The Saudi cabinet also highlighted the Kingdom's hosting of the INTERPOL Regional Bureau as a significant step, saying it underscored international recognition of the Kingdom's pivotal role in combating extremism and other crime in their different forms.
