Prime Minister Shehbaz Sharif increased the number of members of his cabinet on Monday by appointing Bilal Bin Saqib as a special assistant on blockchain and cryptocurrency, with the status of Minister of State.
The appointment comes just a few weeks after SAQIB was appointed chief advisor to the Minister of Finance of Pakistan Crypto Council (CPC), where he is also Managing Director (CEO).
According to the press release, SAQIB’s responsibilities will include the development of a complete regulatory framework and in accordance with the FATF for digital assets, the launch of Bitcoin extraction initiatives and the supervision of blockchain integration into governance, finance and land registers.
The recent development occurs one day after the federal government announced an electricity allowance of 2,000 megawatts (MW) for the first phase of a national initiative to support Bitcoin and artificial intelligence centers (AI).
Find out more: Govt allocated 2,000 MW for AI data centers, Bitcoin operation
In a key development aligned with these efforts, the Ministry of Finance also unveiled a complete strategy to regulate digital assets and accelerate the growth of the virtual assets of Pakistan. As part of this initiative, the government has approved the creation of a dedicated organization – Pakistan Digital Authority Authority (PDAA) – responsible for overseeing the financial infrastructure based on blockchain, according to an official declaration published by the Ministry.
The PDAA is expected to regulate an informal cryptography market of $ 300 billion, facilitate the tokenization of national assets and public debt, provide legal clarity to global and local investors and allow the monetization of excess electricity in Pakistan thanks to regulated Bitcoin exploitation. In addition, the authority aims to promote best innovation practices, guarantee economic inclusion and allow young people and startups to build solutions based on large -scale blockchain.
Pakistan Crypto Council continues to function as a national force for cryptographic policy, innovation, young people and international engagement in crypto and blockchain. Pakistan is home to more than 50 million crypto users, an annual negotiation volume exceeding $ 300 billion. The country ranks regularly in the top 5 around the world for the adoption of cryptography, reflecting its solid basic commitment with digital assets. Of a population of 240 million inhabitants, 70% of Pakistanis are under 30 years old.
Pakistan has a very favorable demography for an adoption of generalized cryptography, which makes it one of the most promising emerging markets for the innovation of blockchain and digital finance. Pakistan is also the third market for freelancers in the world, presenting its dynamic and entrepreneurial digital workforce. Each year, more than 50,000 IT graduates enter the labor market, adding the country’s technology technology to the growing basin, ready to stimulate innovation and participate in the global digital economy.
Who is bilal bin saqib?
An entrepreneur based in London, Bilal Bin Saqib, was at the forefront of digital innovation and social impact. Recognized by King Charles III, the late Queen Elizabeth II, and the mayor of London, the work of Saqib extends over blockchain technology, cryptographic investments and social entrepreneurship.
In 2023, he received a MBE (member of the British Empire) for his humanitarian efforts during the COVID-19 pandemic, during which he directed the One million Meals initiative, offering more than 100,000 meals to NHS staff and vulnerable populations across the United Kingdom.
His academic references include a master’s degree in social innovation and entrepreneurship of the London School of Economics (LSE). He also received the 1632nd points of Light Award, a recognition granted by the British Prime Minister to people who make exceptional contributions to their communities.
Beyond his work in Fintech, SAQIB co-founded Tayaba, a social company focused on the water crisis in Pakistan, introducing the H2O wheel, an innovative water transport device designed to mitigate the burden of rural communities.
