Pakistan Ready for Future Technology and Digital Economy, Says Bilal Bin Saqib

HONG KONG:Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib has said that Pakistan is ready to embrace future technology and the digital economy.

Addressing the Bitcoin Asia Conference in Hong Kong, Bilal Bin Saqib said Pakistan was moving forward to understand emerging financial and technological transformations and strengthen its capabilities in these areas.

He said Pakistan had established a regulatory framework for virtual assets in less than six months, reflecting the country’s commitment to adapting to the rapidly evolving digital economy.

According to Bilal Bin Saqib, approximately $200,000 was spent on developing and operationalizing the new regulatory framework, while around 92 percent of the approved budget remained unutilized.

He said Pakistan’s objective behind establishing a Bitcoin Strategic Reserve was not to purchase large quantities of Bitcoin. Rather, the country’s focus was on preparing itself for the financial system of the future.

Bilal Bin Saqib emphasized that Pakistan was taking steps to position itself for technological innovation, financial transformation and the opportunities emerging from the global digital economy.