As Pakistan moves toward formalizing its stance on cryptocurrency, the government has appointed Bilal bin Saqib as the Chief Advisor to the Finance Minister for the Pakistan Crypto Council.
The move comes as Pakistan seeks to reaffirm its commitment to embracing technological advancement while ensuring sound policy measures that support the national economy, digital transformation, and a secure, transparent financial system for all, read a statement released by the Finance Division on Wednesday.
As per the statement, Saqib, recognized by Forbes, is a Web3 investor, strategic advisor, and thought leader in the blockchain space is also the recipient of the 1632nd Points of Light Award, awarded by the British Prime Minister to recognize change-makers in the country.
He received his MBE (Member of the British Empire) in 2023 for contributions to the National Health Service in the UK.
Pakistan weighs cryptocurrency regulations amid concerns
As the Chief Advisor to the Finance Minister of the Pakistan Crypto Council, Saqib “will lend his great knowledge and experience to Pakistan’s efforts to integrate cryptocurrency and blockchain technologies into its financial ecosystem while ensuring the development of a robust regulatory framework for digital assets in alignment with global best practices”.
“Additionally, he will advise the finance ministry on exploring the use of artificial intelligence (AI) to enhance government efficiency, optimize decision-making processes, and drive innovation in public sector operations.”
The Finance Division said that Saqib’s appointment marks a significant step forward in Pakistan’s commitment to embracing the transformative potential of digital currencies, ensuring financial security, mitigating risks, and effectively assessing the impact of cryptocurrencies on Pakistan’s economy.
Finance Minister Muhammad Aurangzeb welcomed the appointment of Saqib.
“Saqib’s appointment underscores our commitment to embracing emerging technologies while ensuring a secure and transparent financial system. We are confident that his leadership will guide the development of a sound and effective regulatory framework, fostering innovation and sustainable growth in Pakistan’s crypto sector,” he said in a statement.
Commenting on his appointment, Saqib stated, “Cryptocurrency and blockchain technology hold immense potential for Pakistan, particularly for the youth, who are the driving force behind our nation’s digital future. With the right strategies and regulatory framework, we can empower our country’s youth, foster economic growth, and establish Pakistan as a leader in the space.”
The finance ministry was of the view that Saqib’s appointment is a critical achievement in Pakistan’s efforts to become a regional leader in the cryptocurrency space and ensure that the country is prepared to handle the regulatory, economic, and security challenges posed by this emerging sector.
