Special Assistant of the Prime Minister in Crypto and Blockchain Bin Saqib met with more than a dozen officials and key legislators of the United States government this week in Washington to strengthen cooperation in the areas of digital assets, blockchain regulation and financial innovation.
The SAPM met with Senator Cynthia Lummis, co-author of the Lummis-Gillibrand Financial Innovation Law and Copatrocinadora of the Bitcoin Law, which seeks to designate Bitcoin as a strategic reserve asset. Senator Lummis has been the main defender of reflective and integral cryptographic legislation in the United States.
He also met with Senator Bill Hagerty, a member of the Senate Banking Committee and supporter of a Pro-Innovation Regulatory Environment, and with Senator Rick Scott, who has constantly emphasized economic security and financial stability.
In addition, he also met with senators Tim Sheehy and Jim Justice, the latter also co -cross -configator of Bitcoin’s law and a strong defender of blockchain applications in government and infrastructure.
The meetings also included Senator Ted Cruz, Congressman Troy Downing, a member of the Financial Services Subcommittee of the Digital Assets Chamber, Congressman Ryan Zinke, congressman Rick McCormick and congressman Derrick Van Order, all of which are actively involved in the formation of policies of policies in a way related to emerging technologies.
Jill Kelley, founder of Blockchain Identity Platform Edentifid, participated in discussions together with congressman McCormick, contributing perspectives of the private technological sector.
He also met with the associate lawyer of the White House, Kevin Cline, and the associated lawyer Ugonna Eze, of the White House lawyer office.
“We came to learn, listen and contribute,” Bin Saqib said. “Pakistan is actively studying how global leaders approach regulation, innovation and financial inclusion, not to copy, but to adapt the best ideas for our unique panorama.”
The visit also served to share the initiatives of Pakistan, including the recent announcement of its Bitcoins strategic reserve, efforts to build a regulatory framework of virtual assets and the use of stables to improve remittances and expand financial access.
The exchanges highlighted the need for a closer global coordination and the role that emerging markets such as Pakistan can perform in the configuration of the next chapter of the digital economy.
“Sitting at the table with those who write the future of finance is a responsibility and a signal: Pakistan is not waiting to catch up, we are here to lead,” said Saqib. “From Capitol Hill to the White House, I shared a new face of Pakistan, a driven by its youth, driven by innovation and ready to build global alliances for digital progress.”
With one of the youngest populations in the world, a prosperous independent economy and more than $ 36 billion in annual remittances, Pakistan is in a unique position to become a test bed for responsible innovation, based on transparency, accessibility and long -term impact.
In addition, the International Monetary Fund (IMF) has asked the Pakistani government for an explanation on the allocation of 2,000 megawatts of electricity for mining and Bitcoin data centers without consulting the IMF.
IMF officials plan to discuss the problem with the government at a virtual meeting and questioned how the assignment was carried out without clarifying the legal status of the cryptocurrency.
The IMF emphasized that decisions should be made within the framework of its program after mutual consultation.
The government is expected to face difficult questions during the conversations about the new fiscal budget, and both parties agree to make virtual consultations.
Last week, the Ministry of Finance reported that Pakistan assigned 2,000 megawatts of electricity for Bitcoins mining data centers and AI as part of a national initiative to make Pakistan a leader in digital innovation.
Read more: The IMF seeks an explanation about Bitcoin’s initiatives, AI
This initiative, directed by the Crypto Council of Pakistan (PCC), aims to use excess electricity, create high -tech jobs and attract foreign investments. The assignment marks the first phase of a broader digital infrastructure deployment.
Future developments are expected to include facilities with renewable energy, global associations with blockchain and artificial intelligence companies, and the establishment of Fintech and innovation innovation centers.
On the other hand, the Federal Government and the Central Bank reiterated on Thursday that the use of cryptocurrencies was illegal and any person who dealt with these currencies was tested by the Financial Monitoring Unit (FMU) and the Federal Research Agency (FIA).
The statements were made by the Federal Secretary of Finance Imdad Ullah Bosal and the executive director of the State Bank of the Bank of Pakistan (SBP) Sohail Jawad during a meeting of the National Finance Committee of the Assembly Assembly.
Read more: The use of cryptography coins is illegal, said the National Assembly
The development also came a day after the newly appointed special assistant of the Prime Minister in Crypto and Blockchain, Bin Saqib, made a launch for the promotion of cryptocurrencies during his visit to the United States.
Crypto is not a legal currency in Pakistan, Bosal said. He recommended that the Committee invite the Crypto Council of Pakistan (PCC) to a new informative session. SAPM BILAL BIN SAQIB is also the executive director of the PCC.
“The work in cryptographic currencies is in a very, very preliminary stage and every time the government decides to take it further, we would recommend having a comprehensive legal and regulatory framework for it,” Bosal said, and added that until now there was no such framework.
Sitting in the Committee, the Popular Party of Pakistan (PPP) MNA Sharmila Faruqi raised the issue of contradictory policy statements by the Government on the promotion of cryptocurrencies in Pakistan.
“It seems that there is no legal framework for cryptocurrencies despite the fact that Pakistan has recently left the financial action task group [FATF] Gray list, “he said.
In response, Jawad expected the PCC to involve other interested parties to agree on a robust legal and regulatory framework.
While the Secretary of Finance was telling the Committee of the National Assembly that the use of cryptocurrencies was illegal in Pakistan, his ministry was promoting these new coins through a different set of ads, at least two of them leaving this week.
Jawad, the executive director of SBP, said that in 2018, the Central Bank had issued instructions to its regulated entities. “According to these instructions that are still valid, the trade and possession of cryptocurrencies is illegal, and these entities are obliged to inform such cases to the FMU for ongoing investigation by the FIA,” he said.
