Pakistan Seeks UN Recognition of Bitcoin as Economic Tool for Survival

TLDR

• Bilal Bin Saqib emphasizes that for Pakistan, crypto is not about speculation but survival.
• Pakistan’s efforts at the UN aim to position Bitcoin as a tool for global financial inclusion.
• Bilal highlights the growing role of digital assets in supporting small businesses and remittances.
• Pakistan has established the Virtual Assets Regulatory Authority to ensure the transparent use of cryptocurrencies.
• Bilal’s diplomatic push aims to build ties with crypto-friendly nations like El Salvador and the UAE.

Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, recently spoke at the 80th United Nations General Assembly (UNGA) in New York. His remarks underscored the significance of blockchain and cryptocurrency in addressing global development challenges. Bilal emphasized that for countries like Pakistan, crypto is more than speculation; it’s a lifeline for survival. The Minister’s intervention underscored the growing role of digital assets in emerging economies.

Crypto as a Survival Tool for Pakistan

Bilal Bin Saqib’s remarks at the UNGA emphasized the crucial role of crypto in Pakistan’s economy. He pointed out that millions of Pakistanis rely on digital tools for faster, cheaper remittances and to fund businesses. “For us, crypto isn’t about speculation but about survival,” said Bilal during his speech.

This reliance on digital assets is not fueled by hype but by necessity. Pakistan’s entrepreneurs use crypto to secure micro-capital, while families rely on it for quick payments. According to Bilal, these solutions emerge when traditional systems fail to meet the needs of communities.

Pakistan has begun laying the groundwork for a potential UN resolution on Bitcoin. Bilal has actively promoted Bitcoin as part of Pakistan’s development strategy. His diplomatic efforts are centered on establishing ties with crypto-forward nations such as El Salvador and the UAE.

The Minister has framed Bitcoin not as a niche financial tool but as a global necessity. He has positioned Pakistan as a leader in this emerging sector, emphasizing the role of digital assets in the Global South.

Pakistan’s efforts also include the establishment of the Pakistan Virtual Assets Regulatory Authority. This regulatory body aims to ensure that Pakistan can harness the benefits of crypto safely and transparently. Bilal’s involvement in this area reflects Pakistan’s commitment to shaping global discussions on digital assets.

Paving the Way for Global Crypto Conversations

By positioning crypto as a vital tool for economic growth, Pakistan is seeking to redefine how the world views Bitcoin. Bilal’s initiatives suggest that Pakistan is preparing to challenge traditional financial systems. His focus on blockchain and Bitcoin signals a shift towards placing these topics on the global stage.

If Pakistan pushes for a UN resolution on Bitcoin, it would mark a major shift in global discussions. Such a move would bring the issue of crypto to the forefront of international diplomacy. It would also underscore the increasing significance of blockchain in promoting financial inclusion and global economic stability.

This would be the first time a developing nation has pushed for the UN to consider Bitcoin as a global public good. It would compel the international community to acknowledge the practical significance of cryptocurrency for countries in the Global South.

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