Pakistan relies on blockchain: New crypto expert should bring innovation!

Pakistan relies on blockchain: New crypto expert should bring innovation!

Pakistan has taken a crucial step in the country's digital transformation with the appointment of Bilal Bin Saqib as Special Assistant to the Prime Minister on Blockchain and Cryptocurrencies. This appointment was made by Prime Minister Shehbaz Sharif and aims to advance the integration of blockchain technologies in both the government and financial sectors. Saqib, who is also the CEO of the Pakistan Crypto Council, will be instrumental in developing a regulatory framework for digital assets that is in line with the Financial Action Task Force (FATF) guidelines, such as it-boltwise.de reported.

In his new position, Saqib will also lead Bitcoin mining initiatives and oversee the integration of blockchain technologies into administration, finance and land accounting. These measures are designed to improve transparency and administrative efficiency and increase trust in digital currencies. Saqib was also recognized by Forbes as one of the “30 Under 30” and is the co-founder of Tayaba, a social enterprise that provides solutions to the water crisis in Pakistan.

Opportunities for Pakistan in the crypto world

Pakistan is among the top 10 countries worldwide in terms of crypto adoption, according to the Chainalysis Global Crypto Adoption Index 2023. With about 40 million crypto users and an annual trading volume of over $300 billion, the country shows remarkable potential in the digital assets space. Saqib highlights the opportunities that Pakistan's demographic and digital landscape presents for technological developments.

In parallel to these developments, increasing institutional crypto adoption is expected worldwide in 2025. The driving forces behind this trend are new revenue streams, changing market forces, regulatory clarity and improved blockchain infrastructure. Banks are starting to convert assets into tradable digital tokens, which not only increases liquidity but also creates new investment products and makes it easier for customers to access historically illiquid markets such as real estate or private equity. Institutions are thus responding to increasing customer demand for digital assets, such as analyticsinsight.net determines.

Challenges and regulatory aspects

The regulatory clarity issued by governments worldwide strengthens trust in crypto assets and their custody. This new regulatory landscape enables responsible innovation while addressing compliance and consumer protection concerns. Despite these advances, banks and other institutions continue to struggle with integrating blockchain into their core operating systems. They must strike a balance between compliance, risk management and transforming their infrastructure to ensure secure and scalable adoption.

Bilal Bin Saqib's appointment and advancing crypto adoption reflect Pakistan's aspirations to be at the forefront of the digital revolution and reap the benefits of this dynamic sector.