'We are here to lead': Pakistan's crypto minister stresses cooperation with US lawmakers

• Pakistan is not waiting to catch up, says SAPM Bilal Bin Saqib.
• Minister highlights country's recent crypto-related initiatives.
• He says Pakistan aims to become hub for responsible digital finance.

ISLAMABAD: Pakistan's Minister of State for Crypto and Blockchain, Bilal Bin Saqib, met top US officials and lawmakers this week in Washington to strengthen cooperation on digital assets, blockchain regulation, and financial innovation.

The minister held discussions with Senator Cynthia Lummis, a key architect of US crypto legislation, as well as Senators Bill Hagerty, Rick Scott, Tim Sheehy, and Jim Justice — all advocates for blockchain innovation.

He also engaged with members of the House Financial Services Committee and White House advisers, a news release on Friday said.

"Pakistan is not waiting to catch up — we are here to lead," said minister Bilal. "From Capitol Hill to the White House, I shared a new face of Pakistan: one driven by youth, innovation, and global partnerships".

The talks focused on Pakistan's recent initiatives, including plans for a Strategic Bitcoin Reserve, a virtual asset regulatory framework, and stablecoin adoption to streamline remittances.

With $36 billion in annual remittances and a booming freelance sector, Pakistan aims to become a hub for responsible digital finance.

"We came to learn, listen, and contribute," Bilal added. "Our goal is to adapt the best global ideas for Pakistan's unique needs".

The visit signals Pakistan's push to shape the digital economy alongside major players, leveraging its young population and tech potential.

The development comes as the country, during a high-level meeting of the Pakistan Crypto Council (PCC), has commenced the drafting of a comprehensive regulatory framework for digital and virtual assets, signalling a significant move by the government to formally oversee the booming cryptocurrency ecosystem.

A technical committee, comprising representatives from the SBP, SECP, Law Division, and IT and Telecom Division, has been formed to review draft laws and propose a robust framework and governance structure.

This framework is expected to cover various aspects, including licensing, compliance, and innovation within the digital asset ecosystem, to protect investors and promote financial inclusion.

The move came amidst a growing global trend towards regulating digital assets and follows recent developments in Pakistan, including the unveiling of the country's first government-led Strategic Bitcoin Reserve and the establishment of a national Bitcoin wallet. 

While cryptocurrencies are currently not officially regulated in Pakistan, the initiative marks a clear intent to formalise the sector and integrate it into the national financial landscape.