Pakistan’s Chief Crypto Advisor, Bilal bin Saqib, has outlined the country’s goal of recognizing cryptocurrency as a strategic asset, emphasizing the nation’s strong position as one of the top 10 countries globally in crypto adoption. This statement signals Pakistan’s intent to formalize its stance on cryptocurrency and position itself as a leader in the evolving digital financial space.
The appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for the Pakistan Crypto Council was announced on Wednesday, marking a pivotal step in the country’s growing involvement in the cryptocurrency sector. According to the Finance Division, this appointment reflects Pakistan’s commitment to embracing the transformative potential of digital currencies while also focusing on ensuring financial security, mitigating associated risks, and assessing the impact of cryptocurrencies on the nation’s economy.
In a post shared on X (formerly Twitter) on Friday, Bilal bin Saqib emphasized the council’s recognition of Pakistan’s strong position in the global crypto market. He pointed out that Pakistan is already among the top 10 countries worldwide in terms of crypto adoption, a fact that highlights the nation’s increasing participation in the digital asset ecosystem. Bilal made it clear that the primary objective moving forward is to recognize cryptocurrency as a strategic asset, develop comprehensive and forward-thinking regulatory frameworks, and ensure full compliance with international standards. His vision is for Pakistan to emerge as a global leader in the digital financial revolution.
Bilal’s post also referenced a major development in the United States, where President Joe Biden signed an executive order on Thursday establishing a strategic Bitcoin reserve. This historic move came just a day before the President’s meeting with cryptocurrency industry executives at the White House. Bilal praised the US decision, calling it a “pivotal moment for the global economy.” According to Bilal, this decision signals a shift in how nations perceive value, with countries beginning to move beyond traditional assets like gold and oil and embracing the digital future.
“The US just made a historic Bitcoin move,” Bilal tweeted. “The decision to establish a Bitcoin Strategic Reserve marks a pivotal moment for the global economy. It signals a shift in how nations perceive value, moving beyond traditional assets like gold and oil to embrace the digital future.” He further explained that the US’s recognition of Bitcoin as “digital gold” not only brings legitimacy to cryptocurrency as a store of value but also accelerates institutional adoption and strengthens the foundation of the global digital economy. Moreover, it sets a new precedent that other nations may follow, reshaping the future of global finance.
In a related development last month, Finance Minister Muhammad Aurangzeb chaired a high-level meeting with President Trump’s Advisors for Digital Assets. The discussions centered around the global evolution of cryptocurrency, its increasing adoption, and the regulatory frameworks being implemented across various nations, particularly in line with US government policies. According to the Finance Division, the discussions focused on ensuring financial security, mitigating risks, and understanding the potential impact of digital assets on Pakistan’s economy. Aurangzeb underscored the need for a well-regulated digital asset framework that aligns with international best practices, including compliance with guidelines set by the Financial Action Task Force (FATF).
In addition, the meeting highlighted the growing interest in digital asset solutions developed by both foreign and domestic investors. These solutions could potentially be explored within a regulatory sandbox, allowing for innovation while ensuring regulatory compliance.
Currently, Pakistan has over 20 million active users in the digital asset market, though these users face significant challenges, including high transaction fees, as noted by the Finance Division. As the Pakistan Crypto Council works toward creating a favorable regulatory environment for cryptocurrencies, it aims to address these issues and unlock the full potential of digital assets in Pakistan.
With a clear focus on becoming a global leader in digital finance, Pakistan’s commitment to recognizing crypto as a strategic asset is a significant step toward integrating cryptocurrency into the mainstream economy. Through regulatory reforms and a forward-thinking approach, the country is poised to capitalize on the opportunities that digital currencies present.