Pakistan Names New Advisor to Prime Minister for Cryptocurrency Initiatives

The Prime Minister of Pakistan, Shehbaz Sharif, designated Bilal Bin Saqib, the CEO of Pakistan Crypto Council, as his special aide on blockchain and cryptocurrency.

Saqib’s appointment will be effective immediately under Rule 4(6) of the 1973 Rules of Business. He has been accorded the rank of minister of state and will operate without any salary or governmental benefits, as reported by the English-language local news source, Pakistan Observer, on May 26.

This action follows a range of governmental initiatives aimed at fortifying Pakistan’s footprint in the digital asset arena. Just the day before, Pakistan designated 2,000 megawatts of excess electricity solely for Bitcoin mining and AI facilities.

In mid-May, the Ministry of Finance in Pakistan also supported the establishment of a dedicated agency to supervise the nation’s blockchain-powered financial framework. The Pakistan Digital Assets Authority (PDAA) will function as a regulatory entity overseeing licensing, regulating exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance tools.

Related: Pakistan aims for a legal crypto framework to increase foreign investment

Saqib appointed special assistant for blockchain

Saqib is an alumnus of the London School of Economics and has been honored with the title of Member of the Most Excellent Order of the British Empire by King Charles III. He is currently at the helm of the Pakistan Crypto Council, where he brought on former Binance CEO Changpeng “CZ” Zhao as an advisor. He has also been featured on Forbes’ 30 under 30 list.

In his role as special assistant to the prime minister, Saqib will be responsible for drafting Financial Action Task Force (FATF)-compliant crypto regulations, initiating state-supported Bitcoin (BTC) mining initiatives, and managing blockchain integration within governance, land records, and financial systems. He will not be compensated with a salary, perks, or privileges, as stated by Pakistan Observer.

Related: Pakistan takes steps to regulate cryptocurrency and CBDCs as legal currency

Pakistan investing in cryptocurrency

Pakistan is immersing itself in the crypto sector. In late April, the Donald Trump-endorsed World Liberty Financial entered into a Letter of Intent with the Pakistan Crypto Council to expedite crypto integration in the nation, recognized as one of the rapidly developing markets in the industry.

Recently, Pakistani regulators suggested a regulatory framework for digital assets that is centered on compliance and aligns with the stipulations set forth by the FATF. The Director of Pakistan’s Federal Investigation Agency (FIA), Sumera Azam, characterized the framework as a “paradigm shift in the country’s perception of digital finance.” “The policy proposal aims to achieve a historical equilibrium between technological progress and national security needs,” Azam remarked in April.

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