Quick Facts
- Pakistan allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers.
- The country’s Ministry of Finance endorsed the creation of the Pakistan Digital Assets Authority (PDAA).
Pakistan’s Crypto Journey: A New Era of Blockchain and Digital Asset Development
In a significant move, Pakistan has appointed Bilal Bin Saqib, CEO of the Pakistan Crypto Council, as the special assistant to the Prime Minister on blockchain and crypto.
Background: Pakistan’s Crypto Initiatives
Pakistan has been actively exploring the potential of blockchain technology and digital assets.
In recent years, the country has launched a series of initiatives aimed at strengthening its presence in the digital asset space.
Saqib’s Appointment: A Game-Changer for Pakistan’s Crypto Landscape
As the special assistant to the Prime Minister, Saqib will be tasked with drafting Financial Action Task Force (FATF)-compliant crypto regulations, launching state-backed Bitcoin mining projects, and overseeing blockchain integration in governance, land records, and finance.
Notably, Saqib will not receive a salary, perks, or privileges, underscoring the government’s commitment to transparency and accountability.
Pakistan’s Blockchain Future
The appointment of Saqib as special assistant to the Prime Minister is a testament to Pakistan’s growing interest in blockchain technology.
The country is well-positioned to become a major player in the global crypto landscape, driven by its young population, growing economy, and vibrant startup ecosystem.
Collaboration with International Partners
Pakistan’s crypto journey is unlikely to be isolated, with the country already collaborating with international partners to advance its blockchain aspirations.
The recent partnership between the Pakistan Crypto Council and World Liberty Financial, a Donald Trump-backed organization, is a prime example of this cooperation.
Challenges Ahead
While Pakistan’s crypto journey is promising, it is not without its challenges.
The country’s regulatory framework will need to be refined to strike a balance between facilitating innovation and ensuring consumer protection.
Saqib’s appointment as special assistant to the Prime Minister will be crucial in addressing these challenges, as he works to shape a regulatory environment that is conducive to blockchain development.
