Pakistan appoints special assistant to PM on blockchain and crypto

Pakistan’s proactive embrace of the cryptocurrency sector continues with the appointment of Bilal Bin Saqib, CEO of the Pakistan Crypto Council, as Special Assistant to Prime Minister Shehbaz Sharif on blockchain and crypto. This appointment, effective immediately, grants Saqib the status of a Minister of State, albeit without salary or benefits. The move underscores Pakistan’s commitment to establishing a robust and regulated digital asset landscape.

Saqib’s appointment follows a series of significant government initiatives. Just a day prior, Pakistan allocated 2,000 megawatts of surplus electricity to power Bitcoin mining and AI data centers, leveraging existing coal-fired power plants operating at under capacity. This initiative aims to transform excess energy into a valuable asset, generating tech-related jobs and attracting foreign investment to bolster the nation’s economy.

Further solidifying its commitment, Pakistan’s Ministry of Finance endorsed the creation of the Pakistan Digital Assets Authority (PDAA). This regulatory body will oversee licensing and regulate exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance applications. The PDAA will play a crucial role in shaping a compliant and secure digital asset ecosystem.

Saqib, a graduate of the London School of Economics and a recipient of the Member of the Most Excellent Order of the British Empire, brings considerable expertise to his new role. His experience leading the Pakistan Crypto Council, which includes appointing Binance CEO Changpeng Zhao as an advisor, highlights his influence in the industry. As Special Assistant, his responsibilities include drafting FATF-compliant crypto regulations, overseeing state-backed Bitcoin mining projects, and integrating blockchain technology into governance, land records, and finance.

This strategic move by Pakistan reflects a broader trend of nations exploring the potential of cryptocurrencies and blockchain technology. The country’s commitment to a regulatory framework, coupled with significant investment in infrastructure, positions it for a prominent role in the rapidly evolving global digital asset market. The appointment of Saqib and the creation of the PDAA signal a determined effort to harness the potential benefits of crypto while mitigating associated risks.