Prime Minister Shehbaz Sharif raised the number of his cabinet members to 55 Monday by appointing Bilal bin Saqib as his special assistant on Blockchain and Cryptocurrency, with prime minister status.
The appointment comes only weeks after Saqib was appointed chief adviser to the Finance Minister of Pakistan Crypto Council (PCC), where he also serves as CEO (CEO).
Under the press release, SAQIB’s responsibility will include the development of a comprehensive, FATF-compatible regulatory framework for digital assets, launch of Bitcoin mining initiatives and supervision of blockchain integration in governance, economy and land registers.
The recent development comes a day after the federal Govenrment announced a 2,000 megawatt (MW) electricity distribution to the first phase of a national initiative to support Bitcoin Mining and Artificial Intelligence (AI) data centers.
Read more: Govt assigns 2,000 MW to AI -Datacentre, Bitcoin Mining
In a key development, in line with these efforts, the Ministry of Finance also revealed a comprehensive strategy for regulating digital assets and accelerating the growth of Pakistan’s virtual active economy. As part of this initiative, the government has approved the creation of a dedicated organ-Pakistan Digital Assets Authority (PDAA)-there is the task of supervising blockchain-based financial infrastructure, according to an official statement released by the Ministry.
PDAA is expected to regulate an informal $ 300 billion crypto market, ease the tokenization of national assets and government debt, provide legal clarity to global and local investors and enable revenue generation of Pakistan’s excess electricity through regulated Bitcoin mining. In addition, the authority aims to promote best practices for innovation, ensure financial inclusion and give youth and startups the opportunity to build blockchain-based solutions in scale.
Pakistan Crypto Council continues to act as a national strength for cryptopolitics, innovation, youth empowerment and international commitment to crypto and blockchain. Pakistan is home to over 50 million crypto users with an annual trading volume of over $ 300 billion. The country consistently ranks in the Top 5 globally for crypto uptake, reflecting its strong grassroots commitment with digital assets. Out of a population of 240 million, 70% of Pakistanis are under 30.
Pakistan boasts a very favorable demographic for widespread crypto uptake, making it one of the most promising new blockchain markets and digital financing innovation. Pakistan is also the third largest freelancer market in the world and shows its dynamic and entrepreneurial workforce. Each year, over 50,000 graduates go into the workforce and add to the country’s growing pool of technically-capable youth ready to run innovation and participate in the global digital economy.
Who is bilal bin saqib?
A London-based entrepreneur, Bilal Bin Saqib has been at the forefront of digital innovation and social influence. Recognized by King Charles III, the late Queen Elizabeth II and the mayor of London, Saqib’s work spans Blockchain technology, crypto investments and social entrepreneurship.
In 2023 he was awarded an MBE (member of the British Empire) for his humanitarian efforts during the Covid-19 pandemic, where he led the One Million Meals initiative and delivered over 100,000 meals to NHS staff and vulnerable populations throughout the UK.
His academic credentials include a master’s degree in social innovation and entrepreneurship from the London School of Economics (LSE). He also received the 1632. Points of Light Award, a recognition awarded by the British Prime Minister of individuals who make unique contributions to their community.
In addition to his work in Fintech, Saqib Tayaba founded a social company that focused on Pakistan’s water crisis that introduced H2O Wheel, an innovative water transport decor designed to facilitate the burden of rural areas.
