Appointment of Bilal Bin Saqib
In a significant move for Pakistan’s burgeoning cryptocurrency sector, Prime Minister Shehbaz Sharif has appointed Bilal Bin Saqib, the CEO of the Pakistan Crypto Council (PCC), as his Special Assistant on Blockchain and Crypto. This recent elevation grants Saqib the title of a state minister and was formalized in an official announcement from the Prime Minister’s Office dated May 26, referencing the Rules of Business from 1973.
Saqib’s Credentials and Role
An alumnus of the London School of Economics and honored with an MBE from King Charles III, Saqib is already a prominent figure in the nation’s cryptocurrency landscape. His leadership at the PCC has been pivotal in forging significant collaborations, including a notable partnership with World Liberty Financial (WLF), a decentralized finance (DeFi) project backed by former President Donald Trump.
As part of his new role, Saqib has reached out to Binance’s founder, Changpeng Zhao, inviting him to serve as a strategic advisor to the PCC. This collaboration aims to enhance the regulatory frameworks, educational initiatives, and infrastructural advancements within the digital assets sphere.
Responsibilities and Initiatives
In his capacity as Special Assistant, Saqib will oversee:
- Drafting regulations compliant with the Financial Action Task Force (FATF)
- Initiating state-supported Bitcoin mining ventures
- Enhancing blockchain integration into various government functions such as land records and financial sectors
- Supervising the licensing of virtual asset service providers
- Advancing measures aimed at protecting investors within the Web3 ecosystem
Pakistan’s cryptocurrency market has seen considerable growth, with an estimated 40 million users and an annual trading volume of approximately $300 billion, according to Chainalysis, which ranks the nation among the global top 10 in crypto adoption for 2023. This backdrop sets the stage for Saqib’s new responsibilities, especially as the nation looks to tap into the potential of its youthful demographic – with over 60% of its population under the age of 30.
Commitment to Digital Transformation
In conjunction with his appointment, Pakistan also announced its commitment of 2,000 megawatts of excess electricity dedicated to supporting Bitcoin mining facilities and artificial intelligence centers. This decision is viewed as an integral component of the country’s digital transformation strategy, aimed at attracting foreign investment and promoting economic growth through technology.
Finance Minister Muhammad Aurangzeb has indicated that this initiative could lead to significant capital inflows and the creation of high-skilled jobs across the nation, with foreign companies already expressing interest in partnerships following recent visits to the country. Historically, Saqib has advocated for the utilization of surplus energy sources for crypto mining, a vision first articulated during the PCC’s meeting in March, where he discussed incorporating renewable energy into the future phases of this project, aligning with broader sustainability objectives.
