Pakistan poised to lead in digital finance: Bilal Bin Saqib

Pakistan poised to lead in digital finance: Bilal Bin Saqib

ISLAMABAD: Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib has said Pakistan is preparing itself for the next generation of technology and the emerging digital economy.

Addressing the Bitcoin Asia Conference in Hong Kong, Bilal said Pakistan was moving forward with efforts to understand major developments in financial technology and strengthen the country’s capacity to adapt to a rapidly changing global financial system.

He said Pakistan had established a regulatory framework for virtual assets in less than six months, describing the development as an important step toward bringing the country’s digital asset sector into a structured and regulated environment.

According to Bilal, the government spent around $200,000 on developing and operationalising the new regulatory framework. He added that nearly 92 percent of the approved budget remained unused, highlighting what he described as a cost-effective approach to establishing the system.

Bilal said Pakistan’s approach to digital assets goes beyond cryptocurrencies and focuses on preparing the country for broader changes in the global financial system. He emphasised that the government wants to build the necessary regulatory, technological and institutional capacity to benefit from emerging technologies.

Discussing Pakistan’s proposed Bitcoin strategic reserve, Bilal said the objective was not simply to purchase large quantities of Bitcoin. Instead, he said the initiative aims to prepare Pakistan for the future of finance and ensure that the country remains capable of participating in the evolving digital economy.

He stressed that Pakistan wants to understand emerging financial technologies, establish appropriate safeguards and develop a regulatory environment that can support innovation while protecting the interests of users and the broader financial system.

The remarks come as countries around the world explore ways to regulate virtual assets, blockchain technology and other digital financial instruments. Pakistan has also been working to establish a formal framework for the virtual asset sector as digital currencies and blockchain-based technologies gain wider international attention.

Bilal said Pakistan’s regulatory efforts reflected a broader strategy to position the country for future technological and financial developments. He maintained that the country had the potential to participate in the emerging digital economy if it continued to invest in regulation, skills, technology and institutional capacity.

He added that the government’s focus remained on building the foundations required for Pakistan to adapt to the future financial landscape rather than treating Bitcoin merely as an asset to accumulate.