Special assistant to Prime Minister in Crypto and Blockchain Bilal Bin Saqib met with over a dozen key US government officials and legislators this week in Washington to strengthen cooperation in the areas of digital assets, blockchain regulation and financial innovation.
SAPM met with Senator Cynthia Lummis, co-author of Lummis GilliBrand Responsible Financial Innovation Act and co-sponsor of the Bitcoin Act, which seeks to designate Bitcoin as a strategic reserve asset. Senator Lummis has been a leading spokesman for thought -provoking and extensive cryptocurrency legislation in the United States.
He also met with Senator Bill Hagty, a member of the Senate’s bank committee and a supporter of a pro-innovation legislation environment, and with Senator Rick Scott, who has consistently emphasized financial security and financial stability.
In addition, he also met with the senators Tim Sheehy and Jim Justice, the latter also a co-sponsor of the Bitcoin Act and a strong supporter of blockchain applications in government and infrastructure.
Meetings also included Senator Ted Cruz, congressman Troy Downing, a member of House Financial Services Committee on digital assets, congressman Ryan Zinke, Congress Member Rick McCormick and Congress Member Derrick van Orden – all of whom are actively committed to forming political frameworks in connection with new technologies.
Jill Kelley, founder of Blockchain Identity Platform Edentifid, participated in discussions with congressman McCormick and brought perspectives from the private tech sector.
He also met with associate adviser to the White House Kevin Cline and associate adviser Ugonna Eze from the White House Council’s office.
“We came to learn, listen and contribute,” said Bilal Bin Saqib. “Pakistan is actively studying how global leaders are approaching regulation, innovation and financial inclusion – not to copy, but to adapt the best ideas to our unique landscape.”
The visit also served to share Pakistan’s initiatives – including the recent announcement of its strategic Bitcoin reserve, efforts to build a virtual asset regulation framework and the use of stablecoins to improve transfers and expand economic access.
The exchange highlighted the need for closer global coordination, and the new new markets such as Pakistan can play in the design of the next chapter in the digital economy.
“Sitting at the table with those who write the future of financing is a responsibility and a signal: Pakistan is not waiting to catch up – we are here to lead,” Saqib said. “From Capitol Hill to the White House, I shared a new face by Pakistan – a driven by its youth, driven by innovation and ready to build global alliances for digital progress.”
With one of the world’s youngest populations, a thriving freelance economy and over $ 36 billion in annual transfers, Pakistan is uniquely placed to become a test bed for responsible innovation based on transparency, availability and long-term impact.
In addition, the International Monetary Fund (IMF) has asked the Pakistani Government for an explanation for the award of 2,000 megawatt electricity to Bitcoin mining and AI data centers without consulting the IMF.
The IMF officials plan to discuss the issue with the government at a virtual meeting and questioned how the award was made without clarifying the legal status of cryptocurrency.
The IMF emphasized that decisions should be made within the framework of its program after mutual consultation.
The government is expected to be exposed to harsh questions during the negotiations on the new fiscal budget, where both sides agree to hold virtual consultations.
Last week, the Ministry of Finance reported that Pakistan awarded 2,000 megawatt electricity to Bitcoin mining and AI data centers as part of a national initiative to make Pakistan a digital innovation leader.
Read more: IMF seeks explanation of Bitcoin, AI -Initiatives
This initiative, led by Pakistan Crypto Council (PCC), aims to use excess electricity, create high -tech jobs and attract foreign investment. The assignment marks the first phase of a wider digital infrastructure -roll -out.
Future development is expected to include renewable energy-driven facilities, global partnerships with blockchain and AI companies and the establishment of fintech and innovation nodes.
On the other hand, the federal government and the central bank on Thursday reiterated that the use of Cryptocurrencies was illegal, and anyone dealing with these currencies could be investigated by the Financial Monitoring Unit (FMU) and Federal Investigation Agency (FIA).
The statements were made by federal financial secretary Imdad Ullah Bosal and State Bank of Pakistan (SBP) CEO Sohail Jawad during a meeting of the National Assembly’s Standing Committee for Finance Committee.
Read more: Crypto currencies’ use is illegal, told National Assembly
The development also came a day after the newly appointed special assistant to the Prime Minister of Krypto and Blockchain, Bilal Bin Saqib, made a pitch to promote cryptocurrencies during his visit to the United States.
Crypto is not a legal currency in Pakistan, Bosal said. He recommended that the committee invited Pakistan Crypto Council (PCC) to further orientation. SAPM Bilal bin Saqib is also CEO of PCC.
“Working with the cryptocurrencies is at a very, very preliminary stage, and every time the government decides to take it further, we would recommend first to have a comprehensive legal and regulatory framework for it,” Bosal said, adding that so far there was no such framework.
As he sat in the committee, Pakistan Peoples Party (PPP) MNA Sharmila Faruqi raised the question of the conflicting political statements of the government about the promotion of Cryptocurrencies in Pakistan.
“There seems to be no legal framework for cryptocurrencies, even though Pakistan has recently come out of the financial action -gasket [FATF] Gray list, ”she said.
In response, Jawad hoped that PCC would involve other stakeholders to agree on a robust legal and regulatory framework.
While the Finance Secretary told the National Assembly Committee that the use of Cryptocurrencies was illegal in Pakistan, his ministry promoted these new currencies through another set of messages, at least two of them came out this week.
Jawad, the SBP director, said the central bank in 2018 had issued instructions to its regulated units. “According to these instructions, which are still valid, the trade and storage of the cryptocurrencies are illegal, and these units are intended to report such cases to FMU for continuous examination of the FIA,” he said.
