British-Pakistani picked to tap country’s crypto potential
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
The government has appointed young British-Pakistani entrepreneur Bilal Bin Saqib as the chief adviser to the finance minister on the proposed Pakistan Crypto Council.
In a statement issued on Wednesday, the finance ministry said that the appointment of Mr Saqib, 35, reaffirmed “Pakistan’s 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”.
The appointment came within a week after the visit of a delegation of what the ministry had described as a visit from “President Trump’s advisers for digital assets”, who called on Finance Minister Muhammad Aurangzeb last week.
At the time, the ministry announced that it was considering “establishing a National Crypto Council” to adopt emerging digital currencies, in line with global trends after a meeting with the US delegation comprising Gentry Beach Jr., Nikita Goldsmith, Alex Malkov, and Jerad Finck.
Newly appointed adviser to finance minister says blockchain technology holds immense potential for Pakistan
The visit followed Gentry Beach — a business associate of President Trump’s and the father of one of the delegates who met Mr Aurangzeb last Tuesday — who during his last month visit to Islamabad had assured PM Shehbaz Sharif in a meeting about over $1 billion in investments in Pakistan.
Blockchain tech integration
The ministry said Mr 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, optimise decision-making processes, and drive innovation in public sector operations, it added.
Finance Minister Muhammad Aurangzeb welcomed the appointment and the crucial role Mr Saqib’s expertise and innovative vision were likely to play in guiding Pakistan’s position in the rapidly evolving digital economy.
“Mr 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, Mr 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 ministry said Mr Saqib’s contributions would ensure that the country was prepared to handle the regulatory, economic, and security challenges posed by this emerging sector.
It may be noted that the National Crypto Council is being proposed as a dedicated advisory body comprising key government representatives, regulatory authorities, and industry experts to oversee policy development, address regulatory challenges. It will ensure that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner. The council will also collaborate with friendly countries to develop standardised frameworks for international digital economic engagement.
Reference Link:- https://www.dawn.com/news/1896070
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
