Pakistan Prime Minister Shehbaz Sharif appoints Crypto Council CEO Bilal Bin Saqib as special assistant on blockchain and crypto affairs.
Bilal Bin Saqib, the CEO of the Pakistan Crypto Council, was appointed by Pakistan Prime Minister Shehbaz Sharif as his special advisor for blockchain and crypto.
Saqib’s appointment is effective immediately by Rule 4(6) of the Rules of Business, 1973.
According to a May 26 report in the English-language local news outlet, Pakistan Observer, he has been appointed as a minister of state.
He will not receive any salary or official benefits.
The action results from a succession of government initiatives designed to enhance Pakistan’s presence in the digital asset sector.
The country allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers just one day earlier.
Pakistan’s Ministry of Finance also supported the establishment of a specialized entity to oversee the nation’s blockchain-based financial infrastructure in mid-May.
The Pakistan Digital Assets Authority (PDAA) will be a regulatory body responsible for licensing oversight and regulating exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance applications.
Saqib Has Been Designated As Special Blockchain Assistant
Saqib is a graduate of the London School of Economics in the United Kingdom and was awarded the title of Member of the Most Excellent Order of the British Empire by King Charles III.
He is the country’s Crypto Council’s current leader and has appointed former Binance CEO Changpeng “CZ” Zhao as an adviser.
He was also included in the Forbes 30 under 30 list.
Saqib will be responsible for the drafting of Financial Action Task Force (FATF)-compliant crypto regulations, the launch of state-backed Bitcoin mining initiatives, and the supervision of blockchain integration in governance, land records, and finance in his capacity as a special assistant to the prime minister.
He will not be granted any benefits, salaries, or privileges, as reported by Pakistan Observer.
Pakistan Is Investing In Cryptocurrency
The country is initiating an enthusiastic involvement in the cryptocurrency sector.
In late April, World Liberty Financial, which Donald Trump sponsors, executed a Letter of Intent with the The country’s Crypto Council to expedite cryptocurrency adoption in the nation, one of the industry’s fastest-growing markets.
The country’s regulators have recently proposed a regulatory framework for digital assets that is compliance-focused and by the regulations established by the FATF.
Sumera Azam, the Director of Pakistan’s Federal Investigation Agency (FIA), characterized the framework as a “paradigm shift in the country’s perspective on digital finance.”
In April, Azam stated that the policy proposal aims to achieve a historic equilibrium between national security imperatives and technological advancement.
