In a move signaling a strong embrace of digital assets, Prime Minister Shehbaz Sharif has named Bilal Bin Saqib, Chief Executive Officer of the Pakistan Crypto Council (PCC), as his special assistant on blockchain and cryptocurrency. This appointment grants Saqib the status of a minister of state, highlighting the importance of this role.

The finance ministry had previously announced consideration of establishing a “National Crypto Council” to align with global trends in digital currencies. Saqib was later appointed as CEO of the PCC.

Saqib’s responsibilities will include developing a thorough regulatory framework for digital assets that complies with the Financial Action Task Force (FATF), launching Bitcoin mining initiatives, and overseeing the integration of blockchain technology into governance, finance, and land records.

He will also facilitate the “licensing and oversight of virtual asset service providers (VASPs)” and champion “investor protection and Web3 ecosystem growth” within the country.

Bilal bin Saqib, recognized by Forbes as part of their ’30 under 30′ list, is the co-founder of Tayaba, a social enterprise focused on providing solutions to Pakistan’s water crisis.

saqib was also awarded an MBE in 2023 for his contributions to the UK’s National Health Service.

An MBE, or “Member of the Most Excellent Order of the British Empire”, recognizes outstanding achievements or service to the community with a long-term, meaningful impact.

The appointment reflects Pakistan’s “commitment to aligning with global trends,” according to a statement.

The statement drew parallels to the United States, noting, “Just as the United States has brought leaders like David Sacks – appointed by Donald Trump as the White House AI and Crypto Czar – into it’s digital policy framework, Pakistan is taking a forward-thinking approach by empowering a youth leader to help steer national strategy in emerging technologies.”

The country is at a “critical digital crossroads,” the press release stated, noting its consistent ranking in the top 10 globally for crypto adoption, according to the 2023 Chainalysis Global crypto Adoption index.

Pakistan currently has 40 million crypto users and an annual crypto trading volume exceeding $300 billion, according to the release.

The nation produces approximately 40,000 IT graduates annually and boasts the 4th largest freelancer market worldwide.

Saqib’s Vision for Pakistan’s Digital Future

“Pakistan’s unique demographic and digital landscape offers an unprecedented prospect to leapfrog into the future of technology.”

According to Saqib, “Pakistan’s unique demographic and digital landscape offers an unprecedented opportunity to leapfrog into the future of technology-were blockchain and crypto will drive economic growth, innovation, and global competitiveness.”