Pakistani Prime Minister Shehbaz Sharif appointed the CEO of Pakistan Crypto Council Bilal Bin Saqib as a special assistant on blockchain and crypto.
The appointment of SAQIB comes into force immediately under rule 4 (6) of the rules of activity, 1973. He obtained the status of Minister of State and will serve without salary or official advantages, according to a report of May 26 in the local English -language media, Pakistan observing.
This decision follows a series of government initiatives aimed at strengthening the presence of Pakistan in the space of digital assets. One day before, Pakistan allocated 2,000 megawatts of excess electricity exclusively for bitcoin extraction and artificial intelligence centers.
In mid-May, the Ministry of Pakistan Finance also approved the creation of a dedicated organization to regulate financial infrastructure based on the country’s blockchain. Pakistan Digital Authority Authority (PDAA) will serve as a regulatory organization to supervise licenses, regulate exchanges, guardians, portfolios, token platforms, ecunines and decentralized financing applications.
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SAQIB named Special Blockchain Assistant
SAQIB graduated from the London School of Economics in the United Kingdom and received the title of member of the most excellent order of the British Empire of King Charles III. He is currently heading Pakistan Crypto Council, where he named the former CEO of Binance Changpeng “CZ” Zhao as an advisor. He was also appointed to the Forbes 30 Under 30 list.
As a special assistant of the Prime Minister, SAQIB will be responsible for writing the regulations of cryptography compatible with financial action (FATF), launching Bitcoin mining projects (BTC) supported by the State and supervising the integration of blockchain in governance, land registers and finances. He will not receive wages, advantages or privileges, according to Pakistan observing.
In relation: Pakistan moves to regulate cryptocurrency, CBDC as a legal call
Pakistan investing in crypto
Pakistan plunges first into the cryptography industry. At the end of April, the World Liberty Financial supported by Donald Trump signed a letter of intent with Pakistan Crypto Council to accelerate the adoption of cryptography in the country, one of the fastest markets in the industry.
Pakistani regulators have recently offered a regulatory framework for digital assets which is compliance with and in accordance with the rules established by GAFA. The director of the Federal Investigation Agency (FIA) of Pakistan, Sumera Azam, described the framework as a “paradigm change in the way Pakistan considers digital finance”. “The policy proposal aims to find a historical balance between technological progress and national security imperatives,” said Azam in April.
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