Pakistan took a landmark step towards including digital assets in its financial system with the hiring of Bilal Bin Saqib as the Chief Advisor to the Finance Minister for the Pakistan Crypto Council. This action highlights the nation’s belief in promoting financial technology while exercising regulatory control in the changing landscape of cryptocurrency.
The Finance Ministry made the appointment announcement on Wednesday, highlighting Saqib’s contribution to designing a structured framework for digital assets. As an acclaimed entrepreneur and Web3 investor, Saqib’s background in blockchain technology is likely to fuel innovation and reduce risks inherent in digital currencies. The ministry pointed out that his leadership would assist in getting Pakistan’s crypto regulations in sync with international standards.
Who is Bilal Bin Saqib?
Bilal Bin Saqib is a name to reckon with in both the social impact and blockchain sectors. As a Forbes 30 Under 30 innovator, he has been an integral part of Web3 investments and digital transformation. His work does not stop at technology; in the time of the COVID-19 pandemic, he led the One Million Meals Campaign, delivering thousands of meals to NHS workers and underprivileged communities in the UK. For his philanthropy, he received an MBE from the British royal family.
Apart from his philanthropy, Saqib is also a holder of a Master’s degree in Social Innovation and Entrepreneurship from the London School of Economics (LSE). Saqib was also a co-founder of Tayaba, a social enterprise that unveiled the H2O Wheel, an innovative mechanism for simplifying water transportation solutions for rural populations in Pakistan.
A New Era for Cryptocurrency in Pakistan
Pakistan’s strategy on cryptocurrency has been changing, with the government giving indications of a more organised regulatory approach. The hiring of a special crypto advisor is viewed as a significant step towards institutionalizing digital asset policy.
Saqib has already laid out his vision, prioritising the opportunity of blockchain and cryptocurrency for young people in Pakistan. “With the proper regulatory framework, we can leverage digital assets to foster economic growth and innovation,” he said.
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In addition to crypto, Saqib’s position will also cover AI technologies in government to improve efficiency and decision-making within the public sector. The appointment is a watershed moment for Pakistan’s digital revolution journey, signaling the country’s preparedness to navigate the intricacies of the crypto economy and promote technological innovation.
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