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First Post
15 hours ago
- Business
- First Post
The many ironies in Pakistan launching a Strategic Bitcoin Reserve
Across major Pakistani cities, citizens endure crippling electricity outages, yet the government has allocated 2,000 MW of surplus electricity for bitcoin mining and artificial intelligence (AI) data centres. Alongside this, there are issues related to FATF, too read more Pakistan, a nation grappling with chronic energy shortages, regulatory challenges, and financial scrutiny, has made headlines with its ambitious foray into cryptocurrency. Bilal Bin Saqib, the newly appointed Special Assistant to the Prime Minister for Crypto and Blockchain, recently unveiled the nation's Strategic Bitcoin Reserve, designed to hold digital assets as a sovereign reserve. While presented as a bold step towards embracing digital finance, the move is fraught with contradictions that border on irony. STORY CONTINUES BELOW THIS AD Lights out at home, but power for Bitcoin? Across major Pakistani cities, citizens endure crippling electricity outages, often extending beyond 12 hours daily. Amid this chronic energy crisis, the government has allocated 2,000 megawatts of surplus electricity for bitcoin mining and artificial intelligence (AI) data centres. This stark inequality points to the government's misplaced priorities, as ordinary Pakistanis grapple with high electricity bills and prolonged blackouts. The roots of this paradox lie in the country's energy infrastructure. Pakistan has significantly increased its electricity generation capacity, reaching approximately 42,131 MW by March 2024. This expansion includes coal, solar, and hydroelectric power plants, many financed under the China–Pakistan Economic Corridor (CPEC) initiative. However, the transmission and distribution infrastructure has not kept pace, leading to inefficiencies and frequent power outages. Furthermore, the energy sector is burdened by a circular debt exceeding $10 billion, resulting from a cycle of unpaid bills between consumers, distribution companies, and power producers. This financial strain hampers maintenance and upgrades of the grid, exacerbating power shortages despite surplus generation. Chinese-funded projects under CPEC have added substantial capacity to Pakistan's power sector. While these projects have increased generation, they come with high capacity payments, obligating Pakistan to pay for electricity regardless of actual consumption. This arrangement contributes to elevated electricity tariffs and financial stress on the energy sector. Balancing on FATF's tightrope Further complicating matters is Pakistan's fraught relationship with the Financial Action Task Force (FATF), the global watchdog against money laundering and terrorist financing. Historically, Pakistan has frequently oscillated in and out of FATF's grey list, indicating heightened scrutiny and ongoing compliance issues. Pakistan was first placed on the FATF grey list in 2008, then removed in 2010 after demonstrating progress. However, it was re-listed in 2012, removed again in 2015, and placed back on the grey list in 2018 due to strategic deficiencies in counter-terrorist financing. In October 2022, Pakistan was removed from the FATF grey list after significant improvements in its anti-money laundering and counter-terrorist financing frameworks. STORY CONTINUES BELOW THIS AD Now, Pakistani authorities claim to be developing a 'comprehensive, FATF-compliant regulatory framework for digital assets.' One must question the practicality of this promise, given the country's shaky track record in financial transparency. Digital currencies, inherently difficult to track, may inadvertently exacerbate the nation's existing vulnerabilities in money laundering and illicit finance. A sovereign wallet—or safe haven for questionable funds? Central to Pakistan's crypto push is the establishment of a national bitcoin wallet to hold state-controlled digital assets. According to Saqib, this reserve would signify Pakistan's confidence in decentralized finance rather than speculation. Yet, skepticism abounds about the potential misuse of this wallet. The transparency challenges intrinsic to cryptocurrency provoke concerns about the national wallet possibly becoming a repository for illicit funds. Given Pakistan's existing FATF compliance struggles, critics suggest that without rigorous oversight, the strategic bitcoin reserve could unintentionally attract illicit financial activities.
Bloomberg
16 hours ago
- Business
- Bloomberg
British Virgin Islands, Bolivia Poised to Join Dirty Money List
By Ben Bartenstein, , and Katarina Hoije Save The British Virgin Islands — a major offshore finance hub — and Bolivia, home to one of the world's largest lithium deposits, are at risk of inclusion on a global ' gray list ' for not making enough progress to stem illicit flows of money. The Paris-based Financial Action Task Force is expected to add both jurisdictions to its list as early as June 13, the last day of its joint plenary with the Council of Europe's anti-money laundering body Moneyval, people familiar with the matter said.
Hindustan Times
21 hours ago
- Politics
- Hindustan Times
Owaisi exposes Pakistan's false propaganda in Saudi: ‘There are 240 million proud Indian Muslims'
AIMIM MP Asaduddin Owaisi strongly criticised Pakistan for supporting terrorism and spreading false narratives about Indian Muslims in Saudi Arabia. He refuted Pakistan's claims that it represents all Muslims, stating that India is home to a large, proud Muslim population. "There are 240 million proud Indian Muslims living in India, this is Pakistan's false propaganda that India is hurting them. This is the most unfortunate that Pakistan gives out a wrong message to the Arab world and the Muslim world – that we are a Muslim country and India is not," Asaduddin Owaisi added. He urged Pakistan to dismantle extremist groups, saying it would help bring peace to the region. "If Pakistan stops these takfiri terrorist groups, there will be stability in South Asia, there'll be progress in South Asia," he added. Owaisi further called on the international community to put Pakistan back on the Financial Action Task Force (FATF) grey list, a move that would increase scrutiny on Pakistan's financial system to prevent the funding of terrorist groups. He further warned Pakistan against training terror groups and trying to stir up religious tension in India, saying, "The whole task is to destabilise India, to create more Hindu-Muslim riots." Owaisi further exposed Pakistan by showing a photograph of Pakistan's army chief sitting next to a US-designated terrorist, "When this person (Asim Munir) was made a Field Marshal in Pakistan, a US-designated terrorist called Mohammad Ehsan was sitting right beside the Field Marshal. There are photographs of him shaking hands with this field marshal," he said. The AIMIM chief is part of a multi-party Indian delegation led by BJP MP Baijayant Panda, which is visiting several Gulf countries. The Indian delegation includes MPs from various parties, including BJP's Nishikant Dubey, Phangnon Konyak, and Rekha Sharma, along with AIMIM's Owaisi, independent MP Ghulam Nabi Azad, Satnam Singh Sandhu, and Ambassador Harsh Shringla. The delegation aims to inform Gulf countries about India's counter-terrorism efforts and respond to the April 22 terror attack in Pahalgam. The delegation's goal is to counter misinformation about India's treatment of Muslims and promote its strong stance against terrorism.
NDTV
a day ago
- Politics
- NDTV
"240 Million Proud Indian Muslims": Asaduddin Owaisi Exposes Pak In Saudi
Exposing Pakistan's propaganda to project its conflict with India as a Hindu-Muslim binary, AIMIM chief and Hyderabad MP Asaduddin Owaisi has said more than 240 million proud Muslims live in India and India has many reputed Islamic scholars. "It is most unfortunate that Pakistan gives out a wrong message to the Arab world and the Muslim world that we are a Muslim country and India is not. There are 240 million proud Indian Muslims living in India. Our Islamic scholars are much better than any scholar in the world. They can speak the best of the Arabic language... This is Pakistan's false propaganda that India is hurting them because they are a Muslim country," he said, adding that if Pakistan stops backing terrorist groups, there will be stability in South Asia. Mr Owaisi was speaking at an interaction in Saudi Arabia, which he is visiting as part of an Indian delegation for the government's mega global outreach in the aftermath of the Pahalgam terror attack and Operation Sindoor. Calling out Pakistani propaganda about the prowess of their military power, he said, "What happened on (May) 9th? Their nine airbases were targeted. If India had wanted, we could have completely damaged those airbases. But we wanted to show them a mirror and say, 'we are warning you, don't do it, don't force us to go on that path'... nine terrorist organisation headquarters were targeted. Another shocking thing was the person who led the namaz of the terrorists killed is a designated US terrorist." Pakistan, he said, must be put back on the Financial Action Task Force's grey list to curb terror funding. "Pakistan must be brought back to the FATF grey list. That is how we will be able to control this terror financing of all these terrorist organisations. When this person (Asim Munir) was made a Field Marshal in Pakistan, a US-designated terrorist called Mohammad Ehsan was sitting right beside the Field Marshal. There are photographs of him shaking hands with this field marshal. There is clear evidence of Pakistan's involvement. These terror groups are prospering over there, they are being trained over there, and the whole task is to destabilise India to create more Hindu Muslim riots." Mr Owaisi also said that the Manmohan Singh government had handed over evidence to Pakistan after the Mumbai terror attacks in 2008. "After 26/11, my government, headed by the then Prime Minister, late Dr Manmohan Singh, the Indian investigators went to Pakistan, gave them all the evidence, but you will be surprised to know that nothing moved forward. What made Pakistan move forward in this terrorist trial was when Pakistan was put on the FATF grey list. One meeting was held in Germany, and India wanted one Sajid Mir to be indicted, but Pakistan said he's dead... Pakistan came up to the Committee of FATF and said Sajid Mir is alive. Can you imagine the country which was saying he's dead, suddenly, he's alive? And then the Pakistani government said that our courts have convicted him for some 5 to 10 years, but the main culprits of the 26/11 are still scot-free. They were convicted of money laundering, not for terrorism," Mr Owaisi said. "The Indian legal system followed all the due process of law, and Ajmal Kasab was sentenced to death, and he revealed many things. Our agencies were capable enough to record the audio conversations in which the terrorist group, sitting in Pakistan, were having with terrorists who were killing Indians in five-star hotels, and those conversations they were clearly told them not to lose heart, kill as many Indians as you can, and you will go to Jannat," he said. The delegation Mr Owaisi is part of is led by BJP MP Baijayant Panda and includes BJP's Nishikant Dubey, Phangnon Konyak, Rekha Sharma, nominated MP Satnam Singh Sandhu and former diplomat Harsh Shringla. This delegation has travelled to Saudi Arabia, Kuwait, Bahrain, and Algeria.
News18
a day ago
- Politics
- News18
Anti-Terror Outreach: India Seeks Saudi Support To Put Pakistan On FATF Grey List
Last Updated: The Indian delegation emphasised the purpose of their visit - to inform the world that Pakistan is a terror state and to explain the necessity of Operation Sindoor. In its ongoing effort to expose Pakistan as a terror-supporting nation, the Indian government had succeeded in placing Pakistan on the (Financial Action Task Force (FATF) grey list in 2019, following a terrorist attack on the Indian soil. In retaliation, India had also conducted the Balakot airstrike on terror camps in Pakistan. At that time, Saudi Arabia, a key member of the OIC, strongly supported India's demand. Five years later, an Indian delegation visiting Saudi Arabia has once again requested the country to support as India seeks to have Pakistan grey-listed by the FATF. The visiting delegation, led by BJP MP Baijayant Panda, met with Adel bin Ahmed Al-Jubeir, Minister of State for Foreign Affairs and Cabinet Member of the Kingdom of Saudi Arabia, on Wednesday, among other meetings. The Indian delegation emphasised the purpose of their visit – to inform the world that Pakistan is a terror state and to explain the necessity of Operation Sindoor. During discussions with the Saudi External Affairs Minister, the Indian delegation highlighted the ongoing cooperation between India and Saudi Arabia, not only in trade and economy but also in counter-terrorism efforts. They pointed out that this cooperation was emphasised in the recent joint statement during the Saudi delegation's visit to India in April this year. Both countries had agreed to work together to expose terror financing. Therefore, placing Pakistan on the grey list would be a significant step in this direction. The Indian delegation also pointed out that Pakistan is using various means to finance terrorism while its economy is in dire straits. Pakistan is not only smuggling terrorism into Indian borders but also sending drugs and weapons through illegal routes, particularly using drones to infiltrate India, the delegation told Saudi Arabia. Two crucial points were raised by the Indian delegation members. They reiterated the commitment of the Council of Senior Ulema, Saudi Arabia's highest religious authority, which has issued a significant fatwa condemning terrorism. This fatwa declares that both carrying out terrorist acts and financing them are violations of Islamic law. It defines terrorism as a crime aimed at destabilising security through attacks on individuals or property, whether public or private. Examples include bombings of homes, schools, hospitals, factories, bridges, and airplanes (including hijackings), as well as attacks on oil facilities and pipelines. The Council emphasised that financing terrorism is an act of complicity, as it enables and perpetuates such violence. The fatwa states, 'The Council rules that funding terrorism, initiating or assisting in terrorist acts of any nature or scale, is prohibited under Islamic Sharia and is a punishable offense." This aligns with India's stance, underscoring that no religion would condone such violence against innocent civilians. One delegation member reminded the Saudi government of their commitment to fighting terrorism when they handed over Abu Jundal, a key mastermind of the 2008 Mumbai attacks, to India. They also reminded the Saudi government that this is the same Pakistan that falsely declared terrorist Sajid Mir dead, only to bring him back to life later. When the Saudi establishment suggested that India should talk with Pakistan, it was clearly stated that India would not engage in dialogue with Pakistan unless they came clean on terrorism. It was noted that every time India brought up terrorism with Pakistan, there was only denial from the other side. Despite providing ample proof to Pakistan on multiple occasions, including on global platforms, Pakistan has not budged. The Indian delegation also refuted Pakistan's claims that India was creating disturbances in Balochistan, labeling these allegations as baseless. Additionally, the delegation mentioned the IMCTC (International Islamic Military Counter-Terrorism Coalition), headquartered in Riyadh with over 43 member countries, including Pakistan. They suggested that Pakistan should be asked to come clean on terrorism. Baijayant Panda, leading the delegation, shared on X, 'India and Saudi Arabia stand united in our shared commitment to combat terrorism and strengthen bilateral ties. Along with our all-party delegation colleagues, we had a constructive discussion with His Excellency Adel Al-Jubeir, appreciating Saudi Arabia's firm stand against terrorism and reaffirming India's unwavering zero-tolerance and new normal approach in the fight against terror." Rekha Sharma, BJP Rajya Sabha MP and another delegation member, also shared a post on social media about the visit to Riyadh. 'Reaffirming India's steadfast resolve to combat terrorism in all its forms, and to deepen India-Saudi strategic cooperation. Along with our all-party delegation colleagues, we had an engaging discussion with His Excellency Dr. Mushabab Al-Qahtani, Director General of Prince Saud Al Faisal Institute of Diplomatic Studies, reflecting on our shared goals and expanding bilateral ties." Earlier, the Indian embassy in Riyadh shared a post on social media stating, 'The All-Party delegation led by Jay Panda met H.E. Dr. Mushabab Al-Qahtani, DG, Prince Saud Al Faisal Institute of Diplomatic Studies & conveyed India's unwavering commitment to combat terrorism in all its forms. The delegation also discussed India-Saudi strategic ties." The all-party delegation includes BJP MPs Nishikant Dubey, Phangnon Konyak, Rekha Sharma, Satnam Singh Sandhu, AIMIM MP Asaduddin Owaisi, and former diplomat Harsh Shringla. This delegation, which left India on May 24, has already traveled to Bahrain and Kuwait under the diplomatic outreach for Operation Sindoor. After a couple more days in Riyadh, they will head to their final destination, Algeria, before returning to India on June 3. Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! tags : India-Saudi Arabia Relations operation Pahalgam attack Location : New Delhi, India, India First Published: May 29, 2025, 07:44 IST
