The Prime Minister’s special assistant on crypto and blockchain Bilal Bin Saqib met more than a dozen U.S. government officials and legislators in Washington to strengthen cooperation in the fields of digital assets, blockchain and financial innovation regulations.
The SAPM met Senator Cynthia Lummis, co-author of the Lummis-Gillibrand Responsible Innovation Act and Co-Sponsor of the Bitcoin law, which seeks to designate Bitcoin as a strategic reserve asset. Senator Lummis was an ardent defender of thoughtful and complete legislation of cryptography in the United States.
He also met Senator Bill Hagerty, member of the Senatorial Banking Committee and supporter of a pro-innovation regulatory environment, and with Senator Rick Scott, who has constantly focused on economic security and financial stability.
In addition, he also met the senators Tim Sheehy and Jim Justice, the latter also co-sponsor of the Bitcoin law and a fervent supporter of blockchain requests in government and infrastructure.
The meetings also included senator Ted Cruz, the member of the Congress Troy Downing, member of the Chamber’s financial services subcommittee on digital assets, the member of the Ryan Zinke Congress, the member of the Congress Rick McCormick and the member of the Congress Derrick Van Orden – all actively committed to shaping policy executives related to emerging technologies.
Jill Kelley, founder of the Eddentifid Blockchain Identity Platform, participated in discussions alongside the McCormick Congress, providing prospects for the private technology sector.
He also met the associate lawyer of the White House, Kevin Cline and the associate lawyer Ugonna Eze of the Board of the White House Council.
“We came to learn, listen and contribute,” said Bilal Bin Saqib. “Pakistan actively studies how global leaders approach regulations, innovation and financial inclusion – not to copy, but to adapt the best ideas for our unique landscape.”
The visit also served to share Pakistan’s initiatives – including the recent announcement of its Bitcoin Strategic Reserve, efforts to build a regulatory framework for virtual assets and the use of stablecoins to improve funding and widen financial access.
Exchanges have underlined the need for closer global coordination and the role that emerging markets like Pakistan can play in training the next chapter in 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 direct,” said Saqib. “From Capitol Hill to the White House, I shared a new face from Pakistan – once motivated by his youth, propelled by innovation and ready to build global alliances for digital progress.”
With one of the youngest populations in the world, a flourishing independent economy and more than 36 billion dollars in annual funds, Pakistan is only well placed to become a test bench for responsible innovation, based on transparency, accessibility and long -term impact.
In addition, the International Monetary Fund (IMF) asked for an explanation of the Pakistani government concerning the allocation of 2,000 megawatts of electricity for bitcoin extraction and AI data centers without consulting the IMF.
IMF officials plan to discuss the issue with the government during a virtual meeting and asked for how the allowance was made without clarifying the legal status of the cryptocurrency.
The IMF stressed that decisions should be made as part of its program after a mutual consultation.
The government is expected to face difficult issues during talks about the new budget budget, both parties agreeing to keep virtual consultations.
Last week, the Ministry of Finance reported that Pakistan had allocated 2,000 megawatts of electricity for the operation of Bitcoin and IA data centers as part of a national initiative aimed at making Pakistan a leader in digital innovation.
Find out more: The IMF is looking for explanations on Bitcoin initiatives, ia
This initiative, led by Pakistan Crypto Council (PCC), aims to use excess electricity, create high -tech jobs and attract foreign investments. The allowance marks the first phase of a broader deployment of digital infrastructure.
Future developments should include installations powered by renewable energies, global partnerships with blockchain and AI companies, as well as the creation of fintech and innovation centers.
On the other hand, the federal government and the central bank reiterated Thursday that the use of cryptocurrencies was illegal and that anyone dealing with these currencies was likely to be studied by the financial monitoring unit (FMU) and the Federal Investigation Agency (FIA).
The statements were made by the Federal Secretary of Imdad Ullah Bosal and the Executive Director of the State Bank of Pakistan (SBP), Sohail Jawad, at a meeting of the Standing Committee of the National Assembly on Finance.
Find out more: The use of cryptocurrencies is illegal, said the National Assembly
The development also came a day after the Prime Minister’s new special assistant on crypto and blockchain, Bilal Bin Saqib, made land for the promotion of cryptocurrencies during his visit to the United States.
Crypto is not a legal currency in Pakistan, said Bosal. He recommended that the Committee invite Pakistan Crypto Council (CCC) for an additional briefing. SAPM Bilal Bin Saqib is also Managing Director of the PCC.
“The work on cryptocurrency is at a very, very preliminary stage and each time the government decides to go further, we first recommend a complete legal and regulatory framework,” said Bosal, adding that so far, there was no such framework.
Located on the Committee, the Pakistan Peoples Party (PPP), the MNA Sharmila Faruqi, raised the issue of contradictory policy by the government on the promotion of cryptocurrencies in Pakistan.
“There does not seem to be a legal framework for cryptocurrencies, even if Pakistan has recently left the gray list of the Financial Action Working Group (FATF),” she said.
In response, Jawad hoped that the PCC would imply that other stakeholders agree on a solid legal and regulatory framework.
While the finance secretary said to the National Assembly Committee that the use of cryptocurrencies was illegal in Pakistan, his ministry promoted these new currencies thanks to a different set of announcements, at least two of them that were released this week.
Jawad, the executive director of the SBP, said that in 2018, the Central Bank had published instructions to its regulated entities. “Under these instructions which are still valid, the trade and detention of cryptocurrencies are illegal, and these entities are required to report these cases to the FMU for investigation in progress by the FIA,” he said.
