In a significant move towards embracing digital currencies, the Pakistani government has appointed Bilal Saqib as the Chief Adviser to the Finance Minister on the newly established Pakistan Crypto Council.
Establishment of the Pakistan Crypto Council
On February 25, 2025, the Finance Ministry announced plans to establish a National Crypto Council, aiming to integrate emerging digital currencies in line with global trends. This initiative underscores Pakistan’s commitment to technological advancement and the adoption of blockchain technologies.
Who is the Crypto Council Chief Adviser?
Bilal Saqib is a distinguished British-Pakistani entrepreneur recognized for his contributions to technology and social innovation. Featured in Forbes’ ’30 under 30′ list, he co-founded Tayaba, a social enterprise addressing Pakistan’s water crisis. In 2023, he was honored with an MBE (Member of the Most Excellent Order of the British Empire) for his services to the UK’s National Health Service.
Role and Responsibilities
As the Chief Adviser, Saqib will leverage his expertise in blockchain and digital assets to guide Pakistan’s integration of cryptocurrency into its financial system. His responsibilities include developing a robust regulatory framework for digital assets, aligning with global best practices, and exploring the use of artificial intelligence to enhance government efficiency and innovation.
Government’s Vision for Digital Transformation
Finance Minister Muhammad Aurangzeb emphasized that Saqib’s appointment reflects Pakistan’s dedication to embracing emerging technologies while ensuring a secure and transparent financial system. The government aims to foster innovation and sustainable growth in the crypto sector, positioning Pakistan as a leader in digital finance.
Implications for Pakistan’s Economy
The integration of cryptocurrency and blockchain technology holds significant potential for Pakistan’s economy. It offers opportunities for financial inclusion, especially among the youth, and can drive economic growth by attracting investments in the tech sector. A well-structured regulatory environment will be crucial to mitigate risks associated with digital currencies and ensure consumer protection.
Challenges Ahead
While the move towards digital currencies is promising, challenges such as regulatory uncertainties, cybersecurity threats, and public awareness need to be addressed. The government’s proactive approach, coupled with expert guidance from advisers like Saqib, will be essential in navigating these challenges.
Conclusion
Pakistan’s appointment of Bilal bin Saqib as Chief Adviser on cryptocurrency initiatives marks a pivotal step in the nation’s digital transformation journey. By embracing technological advancements and establishing comprehensive regulatory frameworks, Pakistan aims to harness the potential of digital currencies to drive economic growth and innovation.
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