Khurram Husain
Published May 29, 2025
DAWN
• Finance secretary says legal framework will only be introduced if govt legalises crypto
• Pakistan unveils first govt-led Strategic Bitcoin Reserve
ISLAMABAD: Amid growing official promotion of Bitcoin adoption, both the State Bank of Pakistan (SBP) and the Ministry of Finance (MoF) on Thursday said that cryptocurrency remains banned in the country and all its transactions are illegal under current regulations.
During a meeting of the National Assembly’s Standing Committee on Finance and Revenue, Finance Secretary Imdadullah Bosal said that although the prime minister had recently formed a Crypto Council — chaired by the finance minister — through an executive order to explore digital asset policy, a cryptocurrency ban is intact under SBP and SECP regulations.
“There will be a legal framework only when the government formally takes a decision, but the current legal status is that crypto is not a legal tender in Pakistan,” Mr Bosal said, conceding that no parliamentary backing exists for cryptocurrency use.
Mr Bosal also reconfirmed later to journalists that the federal budget would be announced on June 10 and discussions with the International Monetary Fund were ongoing virtually on budget estimates and proposed measures. He said the Asian Development Bank was expected to approve an $800 million loan to Pakistan on June 3.
Committee members expressed confusion over the government’s approach. Mirza Ikhtiar Baig questioned why the public was being encouraged to invest in crypto when it remained legally banned, warning that investors could face serious consequences.
Mohammad Mobeen wondered why the government was dealing with the subject of Bitcoins and cryptocurrency instead of the SBP. He stressed that while the government was calling crypto illegal, it had simultaneously allocated power capacity for mining operations.
Further highlighting the policy inconsistency, he pointed out that Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC), had been holding meetings with high-profile global leaders.
Shahram Tarakai said the country’s foreign exchange would flow out of the country very soon through cryptos and the government would then be in a fix.
Other members raised questions about whether the crypto mining would be in government or private sector hands, and noted that illegal hawala channels would likely be replaced by unregulated digital transfers.
Sohail Jawad, an executive director of the SBP, said the central bank had issued a directive in 2024, declaring the legal status of Bitcoin and other cryptocurrencies illegal, and that stance was still intact.
In fact, the Financial Monitoring Unit (FMU) is still referring crypto-related cases to law enforcement agencies for further action, he said.
He said a national working group of digital currency had been established and suggestions had also been given to the Pakistan Crypto Council. He said El Salvador was the only country with legalised cryptocurrency in the world, and even that nation was reconsidering the decision.
The State Bank of Pakistan does not recognise crypto assets, which are digital currencies in which transactions are verified and recorded by a decentralised system. The SBP issued a formal notice in 2022 advising the general public to be cautious of and refrain from trading cryptocurrencies.
Need for regulation
The committee discussion on cryptocurrency was triggered by a bill on digital currency regulations proposed by MNA Sharmila Farooqi. She argued that Pakistan needed to regulate crypto to prevent money laundering, especially after its exit from the Financial Action Task Force’s grey list.
The Pakistan Crypto Council was officially launched in March this year to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.
Strategic Bitcoin Reserve
The debate coincided with the unveiling of the country’s first government-led Strategic Bitcoin Reserve by Pakistan Crypto Council CEO Bilal Bin Saqib, the newly promoted special assistant to the prime minister on crypto and blockchain.
An official statement released by the Ministry of Finance said the unveiling was held at Las Vegas, United States, at an event for an elite audience that included US Vice President J.D. Vance, and the sons of US President Donald Trump — Eric Trump and Donald Trump Jr.
“This wasn’t just a policy moment — it was a rebranding of a nation,” the statement said, adding that Mr Saqib conveyed a bold message that Pakistan was no longer defined by its past.
Speaking at the event, Mr Saqib said Pakistan is “being reborn as a forward-looking hub of digital innovation — powered by its youth, sharpened by necessity, and led by a new generation of tech statesmen.”
He added, “I’m not just here as a minister. I’m here as the voice of a generation — a generation that is online, on-chain, and unstoppable.”
A statement issued by Mr Saqib’s office said that while “other leaders talk about potential, Bilal is unlocking it — with bold national moves that put Pakistan at the centre of the global crypto conversation”.
He also announced the establishment of a national Bitcoin wallet, holding digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance.
He also thanked President Trump for his role as a peacemaker in the recent India-Pakistan conflict and for his commitment to crypto adoption.
Published in Dawn, May 30th, 2025
Crypto Council to meet on June 2 for digital currency regulations
The Pakistan Crypto Council (PCC) will hold a meeting on June 2 to discuss digital currency regulations, the Ministry of Finance said on Friday.
The PCC was officially launched in March to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.
According to a press release by the finance ministry, the meeting will be chaired by the Finance Minister Muhammad Aurangzeb, serving as a “strategic forum to deliberate on the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in Pakistan”.
PCC Chief Executive Officer Bilal Bin Saqib will also participate in the meeting, along with other PCC members, the press release said.
It also said, “Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements.
“A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country.”
The finance ministry said the PCC aims to establish a “secure, transparent, and innovation-friendly regulatory environment”, to promote “responsible adoption of blockchain technology, protecting investors, and enhancing financial inclusion”.
“The upcoming meeting underscores the government’s commitment to shaping a future-ready financial infrastructure while ensuring stability and compliance in the emerging digital economy,” it added.
A day earlier, the National Assembly Standing Committee on Finance held a meeting, where PPP MNA Sharmila Farooqi introduced a bill on digital currency regulations. Finance Secretary Imdadullah Bosal said that the ban on cryptocurrency was still in place across Pakistan, stressing the need for its regulation during the meeting.
The same day, Saqib had unveiled the country’s first government-led Strategic Bitcoin Reserve. In his keynote speech, he announced the establishment of a national bitcoin wallet, “holding digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance”.
Cryptocurrencies are gaining momentum globally as the number of use cases is increasing and many countries are now making them legal. However, it has had a mixed reception by regulators globally.
In some countries, like El Salvador, it has legal tender status, while in others, including Pakistan, India and China, it is not accepted as payment for goods and services, nor can one own it legally, though it is not officially banned either.
The writer is a business and economy journalist.
SOME sort of a crypto bug seems to have gripped the government and perhaps some of it is warranted.
From the details reported in the international media we learn that at least some of the efforts of the Pakistani government in the crypto domain are geared towards procuring influence in Washington DC, with those close to the Trump administration coming to Pakistan for crypto-related discussions.
To that extent we can look at what is happening and say “it is what it is” and leave it at that. But the moment the government begins to take crypto seriously as a business proposition it becomes dangerous. And it is important to keep this distinction in mind, between crypto as an influence peddling tool versus a serious business proposition, because the resources the government will put at risk if it ventures into the world of crypto are public resources.
In the past few weeks, since the Crypto Council was announced by the government, we have seen suggestions appear in print on how Pakistan can expand its participation in the wider world of cryptocurrencies. One suggestion was to place a portion of Pakistan’s foreign exchange reserves in crypto, and the individual making this suggestion deployed a classic tactic used by small-time stock brokers or real estate agents selling junk to gullible clients. He pointed to the rise in the value of Bitcoin over the past decade, and asked the reader to imagine if Pakistan had placed a certain amount of its reserves in this asset, how much that value would have multiplied by today.
What was not mentioned in the article was the sheer volatility of currency over that same time period. Sovereign reserves are never gambled with in volatile assets. They are, as a rule, always invested in fixed-income instruments. It’s the same principle when managing pension funds or other institutional savings. The principles are low-volatility, low-risk, fixed return.
The resources the government will put at risk if it ventures into the world of crypto are public resources.
Another argument encouraged the state to go into crypto mining by offering the right “incentives”. The right incentives apparently include providing them with electricity at around five to six cents per unit. For comparison consider that you and I pay somewhere around 20 cents per unit for our electricity, with industry somewhere around 14 cents. The most obvious question to ask when considering this proposition is this: if Pakistan has electricity to give at five cents per unit, why should crypto miners be the first to get it?
A puzzling press release from the finance ministry a few days ago added to the confusion. It announced that the government has “allocated” 2000MW for crypto mining. It was puzzling because there was no mention of price (the single most important thing to mention in such an announcement), but more importantly, there is literally no such thing as electricity allocations in Pakistan. There are no quotas of who gets how much electricity. So what exactly is being announced in this press release?
The third suggestion that has been floated is to create on-shore crypto exchanges in Pakistan, much like we already have a commodities exchange. This is probably the most benign of the suggestions since all it does is make crypto trading a regulated activity without putting any state resources into play.
It is critical to keep in mind that crypto is a fictitious asset. It is not the first, nor the last of these. Fictitious assets are those that exist only in the mind of the holder. If enough people buy into the fiction they can become liquid, meaning you can trade them for real goods and services. Money, for example, is a fictitious asset as is gold. But both are highly liquid. I can pay my bills with money, buy my groceries, because almost everyone in my society buys into the fiction that money (or gold) represent.
Not so with crypto. This is purely a speculative asset, created for speculative purposes, given prominence by speculator interests, and currently in the process of being pumped by a massive speculative scheme being launched by the White House itself. This endows it with a great deal of speculative value. But none of it is real.
In the past we have seen fictitious assets grow to unmanageable proportions and pose risks to the entire global financial system. Collateralised Debt Obligations (CDOs) were fictitious assets when left unregulated, because those creating them were able to bundle junk mortgages by illiquid borrowers into their offering and sell them as a AAA-rated financial product. This scam became so large in the late 2000s that it lay at the root of the greatest financial collapse since the Great Depression.
CDOs are still around, but as a regulated product they now pose little risk of growing into a threat to the financial order. But speculator capital has its own ingenuity. Think of plot files being sold by unscrupulous property developers, in housing projects they haven’t even begun acquiring land for yet. That is a fictitious asset, and trading in it brings enormous risks that should not be taken by retail investors or those entrusted to manage the wealth of others, such as sovereigns or pension fund managers.
Fictitious assets have always been around in the modern world. The South Sea Bubble in the early 18th century was created by massive investments in the stock of a company that had no prospects of actually being able to do the business it was supposed to do (sell slaves to the Spanish colonies of South America).
They are around in our time too and crypto is just one of their manifestations. It’s fine for those who wish to trade in these sorts of fictitious assets with their own money. But the state should beware the wiles with which the salesmen of this snake oil try to lure you into their racket.
Published in Dawn, May 29th, 2025
Crypto policy in disarray as SBP, ministry insist ban is still in place
SOME sort of a crypto bug seems to have gripped the government and perhaps some of it is warranted.
From the details reported in the international media we learn that at least some of the efforts of the Pakistani government in the crypto domain are geared towards procuring influence in Washington DC, with those close to the Trump administration coming to Pakistan for crypto-related discussions.
To that extent we can look at what is happening and say “it is what it is” and leave it at that. But the moment the government begins to take crypto seriously as a business proposition it becomes dangerous. And it is important to keep this distinction in mind, between crypto as an influence peddling tool versus a serious business proposition, because the resources the government will put at risk if it ventures into the world of crypto are public resources.
In the past few weeks, since the Crypto Council was announced by the government, we have seen suggestions appear in print on how Pakistan can expand its participation in the wider world of cryptocurrencies. One suggestion was to place a portion of Pakistan’s foreign exchange reserves in crypto, and the individual making this suggestion deployed a classic tactic used by small-time stock brokers or real estate agents selling junk to gullible clients. He pointed to the rise in the value of Bitcoin over the past decade, and asked the reader to imagine if Pakistan had placed a certain amount of its reserves in this asset, how much that value would have multiplied by today.
What was not mentioned in the article was the sheer volatility of currency over that same time period. Sovereign reserves are never gambled with in volatile assets. They are, as a rule, always invested in fixed-income instruments. It’s the same principle when managing pension funds or other institutional savings. The principles are low-volatility, low-risk, fixed return.
The resources the government will put at risk if it ventures into the world of crypto are public resources.
Another argument encouraged the state to go into crypto mining by offering the right “incentives”. The right incentives apparently include providing them with electricity at around five to six cents per unit. For comparison consider that you and I pay somewhere around 20 cents per unit for our electricity, with industry somewhere around 14 cents. The most obvious question to ask when considering this proposition is this: if Pakistan has electricity to give at five cents per unit, why should crypto miners be the first to get it?
A puzzling press release from the finance ministry a few days ago added to the confusion. It announced that the government has “allocated” 2000MW for crypto mining. It was puzzling because there was no mention of price (the single most important thing to mention in such an announcement), but more importantly, there is literally no such thing as electricity allocations in Pakistan. There are no quotas of who gets how much electricity. So what exactly is being announced in this press release?
The third suggestion that has been floated is to create on-shore crypto exchanges in Pakistan, much like we already have a commodities exchange. This is probably the most benign of the suggestions since all it does is make crypto trading a regulated activity without putting any state resources into play.
It is critical to keep in mind that crypto is a fictitious asset. It is not the first, nor the last of these. Fictitious assets are those that exist only in the mind of the holder. If enough people buy into the fiction they can become liquid, meaning you can trade them for real goods and services. Money, for example, is a fictitious asset as is gold. But both are highly liquid. I can pay my bills with money, buy my groceries, because almost everyone in my society buys into the fiction that money (or gold) represent.
Not so with crypto. This is purely a speculative asset, created for speculative purposes, given prominence by speculator interests, and currently in the process of being pumped by a massive speculative scheme being launched by the White House itself. This endows it with a great deal of speculative value. But none of it is real.
In the past we have seen fictitious assets grow to unmanageable proportions and pose risks to the entire global financial system. Collateralised Debt Obligations (CDOs) were fictitious assets when left unregulated, because those creating them were able to bundle junk mortgages by illiquid borrowers into their offering and sell them as a AAA-rated financial product. This scam became so large in the late 2000s that it lay at the root of the greatest financial collapse since the Great Depression.
CDOs are still around, but as a regulated product they now pose little risk of growing into a threat to the financial order. But speculator capital has its own ingenuity. Think of plot files being sold by unscrupulous property developers, in housing projects they haven’t even begun acquiring land for yet. That is a fictitious asset, and trading in it brings enormous risks that should not be taken by retail investors or those entrusted to manage the wealth of others, such as sovereigns or pension fund managers.
Fictitious assets have always been around in the modern world. The South Sea Bubble in the early 18th century was created by massive investments in the stock of a company that had no prospects of actually being able to do the business it was supposed to do (sell slaves to the Spanish colonies of South America).
They are around in our time too and crypto is just one of their manifestations. It’s fine for those who wish to trade in these sorts of fictitious assets with their own money. But the state should beware the wiles with which the salesmen of this snake oil try to lure you into their racket.
Published in Dawn, May 29th, 2025
Crypto policy in disarray as SBP, ministry insist ban is still in place
Published May 30, 2025
DAWN
• SBP exec says crypto transactions illegal, cases being referred to law enforcement
• SBP exec says crypto transactions illegal, cases being referred to law enforcement
• Finance secretary says legal framework will only be introduced if govt legalises crypto
• Pakistan unveils first govt-led Strategic Bitcoin Reserve
ISLAMABAD: Amid growing official promotion of Bitcoin adoption, both the State Bank of Pakistan (SBP) and the Ministry of Finance (MoF) on Thursday said that cryptocurrency remains banned in the country and all its transactions are illegal under current regulations.
During a meeting of the National Assembly’s Standing Committee on Finance and Revenue, Finance Secretary Imdadullah Bosal said that although the prime minister had recently formed a Crypto Council — chaired by the finance minister — through an executive order to explore digital asset policy, a cryptocurrency ban is intact under SBP and SECP regulations.
“There will be a legal framework only when the government formally takes a decision, but the current legal status is that crypto is not a legal tender in Pakistan,” Mr Bosal said, conceding that no parliamentary backing exists for cryptocurrency use.
Mr Bosal also reconfirmed later to journalists that the federal budget would be announced on June 10 and discussions with the International Monetary Fund were ongoing virtually on budget estimates and proposed measures. He said the Asian Development Bank was expected to approve an $800 million loan to Pakistan on June 3.
Committee members expressed confusion over the government’s approach. Mirza Ikhtiar Baig questioned why the public was being encouraged to invest in crypto when it remained legally banned, warning that investors could face serious consequences.
Mohammad Mobeen wondered why the government was dealing with the subject of Bitcoins and cryptocurrency instead of the SBP. He stressed that while the government was calling crypto illegal, it had simultaneously allocated power capacity for mining operations.
Further highlighting the policy inconsistency, he pointed out that Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC), had been holding meetings with high-profile global leaders.
Shahram Tarakai said the country’s foreign exchange would flow out of the country very soon through cryptos and the government would then be in a fix.
Other members raised questions about whether the crypto mining would be in government or private sector hands, and noted that illegal hawala channels would likely be replaced by unregulated digital transfers.
Sohail Jawad, an executive director of the SBP, said the central bank had issued a directive in 2024, declaring the legal status of Bitcoin and other cryptocurrencies illegal, and that stance was still intact.
In fact, the Financial Monitoring Unit (FMU) is still referring crypto-related cases to law enforcement agencies for further action, he said.
He said a national working group of digital currency had been established and suggestions had also been given to the Pakistan Crypto Council. He said El Salvador was the only country with legalised cryptocurrency in the world, and even that nation was reconsidering the decision.
The State Bank of Pakistan does not recognise crypto assets, which are digital currencies in which transactions are verified and recorded by a decentralised system. The SBP issued a formal notice in 2022 advising the general public to be cautious of and refrain from trading cryptocurrencies.
Need for regulation
The committee discussion on cryptocurrency was triggered by a bill on digital currency regulations proposed by MNA Sharmila Farooqi. She argued that Pakistan needed to regulate crypto to prevent money laundering, especially after its exit from the Financial Action Task Force’s grey list.
The Pakistan Crypto Council was officially launched in March this year to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.
Strategic Bitcoin Reserve
The debate coincided with the unveiling of the country’s first government-led Strategic Bitcoin Reserve by Pakistan Crypto Council CEO Bilal Bin Saqib, the newly promoted special assistant to the prime minister on crypto and blockchain.
An official statement released by the Ministry of Finance said the unveiling was held at Las Vegas, United States, at an event for an elite audience that included US Vice President J.D. Vance, and the sons of US President Donald Trump — Eric Trump and Donald Trump Jr.
“This wasn’t just a policy moment — it was a rebranding of a nation,” the statement said, adding that Mr Saqib conveyed a bold message that Pakistan was no longer defined by its past.
Speaking at the event, Mr Saqib said Pakistan is “being reborn as a forward-looking hub of digital innovation — powered by its youth, sharpened by necessity, and led by a new generation of tech statesmen.”
He added, “I’m not just here as a minister. I’m here as the voice of a generation — a generation that is online, on-chain, and unstoppable.”
A statement issued by Mr Saqib’s office said that while “other leaders talk about potential, Bilal is unlocking it — with bold national moves that put Pakistan at the centre of the global crypto conversation”.
He also announced the establishment of a national Bitcoin wallet, holding digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance.
He also thanked President Trump for his role as a peacemaker in the recent India-Pakistan conflict and for his commitment to crypto adoption.
Published in Dawn, May 30th, 2025
Crypto Council to meet on June 2 for digital currency regulations
Published May 30, 2025
DAWN
The Pakistan Crypto Council (PCC) will hold a meeting on June 2 to discuss digital currency regulations, the Ministry of Finance said on Friday.
The PCC was officially launched in March to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.
According to a press release by the finance ministry, the meeting will be chaired by the Finance Minister Muhammad Aurangzeb, serving as a “strategic forum to deliberate on the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in Pakistan”.
PCC Chief Executive Officer Bilal Bin Saqib will also participate in the meeting, along with other PCC members, the press release said.
It also said, “Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements.
“A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country.”
The finance ministry said the PCC aims to establish a “secure, transparent, and innovation-friendly regulatory environment”, to promote “responsible adoption of blockchain technology, protecting investors, and enhancing financial inclusion”.
“The upcoming meeting underscores the government’s commitment to shaping a future-ready financial infrastructure while ensuring stability and compliance in the emerging digital economy,” it added.
A day earlier, the National Assembly Standing Committee on Finance held a meeting, where PPP MNA Sharmila Farooqi introduced a bill on digital currency regulations. Finance Secretary Imdadullah Bosal said that the ban on cryptocurrency was still in place across Pakistan, stressing the need for its regulation during the meeting.
The same day, Saqib had unveiled the country’s first government-led Strategic Bitcoin Reserve. In his keynote speech, he announced the establishment of a national bitcoin wallet, “holding digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance”.
Cryptocurrencies are gaining momentum globally as the number of use cases is increasing and many countries are now making them legal. However, it has had a mixed reception by regulators globally.
In some countries, like El Salvador, it has legal tender status, while in others, including Pakistan, India and China, it is not accepted as payment for goods and services, nor can one own it legally, though it is not officially banned either.
Pakistan unveils first govt-led Strategic Bitcoin Reserve
Tahir Sherani
Pakistan Crypto Council (PCC) Chief Executive Officer Bilal Bin Saqib has unveiled the country’s first government-led Strategic Bitcoin Reserve.
Saqib was recently appointed as Special Assistant to the Prime Minister for Crypto and Blockchain, with the status of a minister of state. He has been on a tour of the United States seeking investment in Pakistan’s crypto markets.
He made the announcement about the reserve after delivering a keynote address before an elite audience, which included United States Vice President JD Vance, Eric Trump and Donald Trump Jr, at the Bitcoin Vegas 2025 in Las Vegas.
“Pakistan is no longer defined by its past. It is being reborn as a forward-looking hub of digital innovation — powered by its youth, sharpened by necessity, and led by a new generation of tech statesmen,” said Saqib, in a statement issued by his office.
“I’m not just here as a minister,” he said. “I’m here as the voice of a generation — a generation that is online, on-chain, and unstoppable.”
In his keynote speech, Saqib announced the establishment of a national bitcoin wallet, “holding digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance.”
He also thanked Trump for his role as a peacemaker in the recent India-Pakistan conflict and for his commitment to crypto adoption.
He revealed that the government had allocated 2,000 megawatts of surplus electricity in first phase for bitcoin mining and AI data centres, opening doors to sovereign miners, tech firms, and clean energy partners around the world.
The statement noted Pakistan having over 40 million crypto wallets and one of the “largest and most active freelancer economies in the world”.
It added that Saqib was leading the creation of the Pakistan Digital Assets Authority (PDAA) — a regulatory body designed to empower builders, protect investors, and formalise digital finance frameworks for the future.
“Both Pakistan and bitcoin have suffered from bad PR,” Saqib declared. “But if you look past the headlines, you’ll see something else: talent, resilience, and vision.”
He called on global crypto builders to come and invest in Pakistan. “If you’re building something real — come build it in Pakistan. Come build wallets for the unbanked. Come tokenise land. Come scale your mission with our youth and our unstoppable grit.”
During his keynote, Saqib delivered a “blueprint for the future of emerging markets in Web3 that positions Pakistan as a tech-forward, youth-powered, and opportunity-rich nation ready to lead,” the statement concluded.
On February 25, the government had announced it was considering establishing a National Crypto Council to adopt emerging digital currencies in line with global trends. In March, it appointed Saqib as the chief adviser to the finance minister on the PCC and later made him the council’s CEO.
According to a press release, Saqib will now be responsible for developing a comprehensive, FATF-compliant regulatory framework for digital assets, launching bitcoin mining initiatives, and overseeing blockchain integration in governance, finance, and land records.
Additionally, he will also facilitate “licensing and oversight of virtual asset service providers (VASPs)” and champion “investor protection and Web3 ecosystem growth” in the country.
Furthermore, the government has announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence (AI) data centres.
According to the Finance Division, the ambitious initiative was part of a broader strategy to “monetise surplus electricity, create high-tech jobs, attract billions of dollars in foreign direct investment, and generate billions of dollars for the government”.
Published May 29, 2025
DAWN
Pakistan Crypto Council CEO Bilal Bin Saqib delivers a keynote address at the Bitcoin Vegas 2025 conference in Las Vegas. — Office of SAPM
Pakistan Crypto Council (PCC) Chief Executive Officer Bilal Bin Saqib has unveiled the country’s first government-led Strategic Bitcoin Reserve.
Saqib was recently appointed as Special Assistant to the Prime Minister for Crypto and Blockchain, with the status of a minister of state. He has been on a tour of the United States seeking investment in Pakistan’s crypto markets.
He made the announcement about the reserve after delivering a keynote address before an elite audience, which included United States Vice President JD Vance, Eric Trump and Donald Trump Jr, at the Bitcoin Vegas 2025 in Las Vegas.
“Pakistan is no longer defined by its past. It is being reborn as a forward-looking hub of digital innovation — powered by its youth, sharpened by necessity, and led by a new generation of tech statesmen,” said Saqib, in a statement issued by his office.
“I’m not just here as a minister,” he said. “I’m here as the voice of a generation — a generation that is online, on-chain, and unstoppable.”
In his keynote speech, Saqib announced the establishment of a national bitcoin wallet, “holding digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance.”
He also thanked Trump for his role as a peacemaker in the recent India-Pakistan conflict and for his commitment to crypto adoption.
He revealed that the government had allocated 2,000 megawatts of surplus electricity in first phase for bitcoin mining and AI data centres, opening doors to sovereign miners, tech firms, and clean energy partners around the world.
The statement noted Pakistan having over 40 million crypto wallets and one of the “largest and most active freelancer economies in the world”.
It added that Saqib was leading the creation of the Pakistan Digital Assets Authority (PDAA) — a regulatory body designed to empower builders, protect investors, and formalise digital finance frameworks for the future.
“Both Pakistan and bitcoin have suffered from bad PR,” Saqib declared. “But if you look past the headlines, you’ll see something else: talent, resilience, and vision.”
He called on global crypto builders to come and invest in Pakistan. “If you’re building something real — come build it in Pakistan. Come build wallets for the unbanked. Come tokenise land. Come scale your mission with our youth and our unstoppable grit.”
During his keynote, Saqib delivered a “blueprint for the future of emerging markets in Web3 that positions Pakistan as a tech-forward, youth-powered, and opportunity-rich nation ready to lead,” the statement concluded.
On February 25, the government had announced it was considering establishing a National Crypto Council to adopt emerging digital currencies in line with global trends. In March, it appointed Saqib as the chief adviser to the finance minister on the PCC and later made him the council’s CEO.
According to a press release, Saqib will now be responsible for developing a comprehensive, FATF-compliant regulatory framework for digital assets, launching bitcoin mining initiatives, and overseeing blockchain integration in governance, finance, and land records.
Additionally, he will also facilitate “licensing and oversight of virtual asset service providers (VASPs)” and champion “investor protection and Web3 ecosystem growth” in the country.
Furthermore, the government has announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence (AI) data centres.
According to the Finance Division, the ambitious initiative was part of a broader strategy to “monetise surplus electricity, create high-tech jobs, attract billions of dollars in foreign direct investment, and generate billions of dollars for the government”.
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