Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, stated that Pakistan considers Bitcoin and digital assets to be crucial aspects that will play a significant role in the country’s new financial system, benefiting its 240 million population. This perspective highlights the potential for Pakistani officials to consider regulating the crypto market.
This outlook was noted at the Bitcoin MENA Conference a few days after Saqib shared a statement dated Tuesday this week, declaring that the country can no longer rely on outdated economic models. Therefore, according to him, “a new engine”, which he referred to as digital assets, is needed to boost economic growth.
Saqib refers to digital assets as essential aspects for Pakistan’s new financial system
During a discussion in Abu Dhabi, the senior official argued that they do not view Bitcoin, digital assets, and blockchain as speculative tools, but as an important part of their infrastructure.
Saqib further explained that they are not just distractions but play a significant role in establishing the basis for a new financial system for developing nations.
Saqib, who was recently appointed Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) and previously served as Special Assistant to the Prime Minister on Blockchain and crypto matters, highlighted that he is working towards a major goal of transforming the largest unregulated cryptocurrency markets into a favourable investment environment.
According to him, Pakistan has the potential to develop a regulated crypto ecosystem as soon as possible, given that 70% of the population belongs to the 30-year-old age group, rather than becoming a late adopter.
“My message is straightforward,” he stated. “If El Salvador can achieve this with 6 million people, just think about what Pakistan could accomplish with a population 40 times larger and one of the fastest-growing digital sectors in Asia.”
Following the senior official’s argument, analysts weighed in on the situation. They pointed out that Pakistan is increasingly becoming one of the fastest-growing cryptocurrency markets globally.
Their remarks came after the country moved up six spots to solidify its top position as the third in Chainalysis’ 2025 Global Crypto Adoption Index.
Pakistan positions itself as a hub for digital assets
Earlier this month, Saqib informed reporters that the country is preparing to establish a strategic Bitcoin reserve. He also noted that Pakistan is working towards adopting more supportive policies specifically for cryptocurrency.
This move sparked excitement among individuals who are advocates of cryptocurrencies. To further illustrate their commitment to exploring the crypto ecosystem, Pakistan reported allocating 2,000 megawatts of additional electricity to support Bitcoin mining activities and the construction and operation of AI data centres that same month. This time round, the country embraced national efforts essential to enable it to go digital.
This move triggered reports to reach out to financial leaders in the country to explain this plan further. Respondingly, they mentioned that this plan aims to attract significant foreign investment and create new high-tech jobs by diverting excess power supply to AI and crypto initiatives.
To position itself as a hub for digital assets, Pakistan notified international crypto firms in September that they are accepting applications for licenses under the country’s new federal regulations. For leading exchanges and service providers interested in exploring the market, the PVARA advised them to begin submitting their interest.
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Source: https://www.cryptopolitan.com/pakistan-taps-crypto-as-financial-backbone/
