Prime Minister Shehbaz Sharif increased the number of members of his cabinet to 55 on Monday by appointing Bin Saqib as his special assistant in blockchain and cryptocurrencies, with the state of state minister.
The appointment occurs only a few weeks after SAQIB was appointed head of the Advisor of the Minister of Finance of the Crypto Council of Pakistan (PCC), where he also serves as Executive Director (CEO).
According to the press release, the responsibilities of SAQIB will include the development of a comprehensive regulatory framework with FATF for digital assets, launching Bitcoin mining initiatives and supervises the integration of blockchain into governance, finance and land records.
The recent development occurs one day after the federal government announced an electricity allocation of 2,000 megawatts (MW) for the first phase of a national initiative to support the mining and artificial intelligence data centers (AI) of Bitcoin.
Read more: Govt assigns 2,000mw for AI data centers, Bitcoin mining
In a key development aligned with these efforts, the Ministry of Finance also presented a comprehensive strategy to regulate digital assets and accelerate the growth of the Pakistan virtual assets economy. As part of this initiative, the Government has supported the creation of a dedicated agency, the Pakistan Digital Assets Authority (PDAA), responsible for supervising the financial infrastructure based on blockchain, according to an official statement published by the Ministry.
PDAA is expected to regulate an informal cryptocurrency market of $ 300 billion, facilitate the token of national assets and government debt, provide legal clarity to global and local investors and allow the monetization of Pakistan surplus electricity through regulated mining of Bitcoin. In addition, the authority aims to promote best practices for innovation, guarantee economic inclusion and train young people and new companies to build solutions based on scale blockchain.
The Pakistan Crypto Council continues to operate as a national force for cryptographic policy, innovation, youth empowerment and international commitment in crypto and blockchain. Pakistan houses more than 50 million cryptographic users, with an annual negotiation volume of more than $ 300 billion. The country is constantly located among the 5 mains worldwide for the adoption of cryptography, which reflects its strong basis for digital assets. Of a population of 240 million, 70% of Pakistani are under 30 years old.
Pakistan has a very favorable demographic group for the adoption of generalized cryptography, which makes it one of the most promising emerging markets for blockchain innovation and digital finances. Pakistan is also the third largest independent market in the world, which shows its dynamic and business digital workforce. Every year, more than 50,000 graduates of IT enter the workforce, increasing the growing group of young technology experts ready to boost innovation and participate in the global digital economy.
Who is Bin Saqib?
Bilal SAQIB, London -based entrepreneur, has been at the forefront of digital innovation and social impact. Recognized by King Carlos III, the late Queen Elizabeth II and the mayor of London, Saqib’s work covers Blockchain technology, cryptographic investments and social entrepreneurship.
In 2023, he received a MBE (member of the British Empire) for his humanitarian efforts during the Covid-19 pandemic, during which he directed the One Million Meals initiative, delivering more than 100,000 meals to NHS staff and vulnerable populations throughout the United Kingdom.
Its academic credentials include a master’s degree in social innovation and entrepreneurship of the London School of Economics (LSE). He also received the 1632th Prize of Light Points, a recognition awarded by the British Prime Minister to people who make outstanding contributions to their communities.
Beyond his work in Fintech, Saqib co -founded Tayaba, a social company focused on Pakistan’s water crisis, presenting the H2O wheel, an innovative water transport device designed to relieve the burden of rural communities.
