tl;dr
The Pakistani government has appointed Bilal Bin Saqib as special assistant to the prime minister on blockchain and cryptocurrency. Bin Saqib, also chief advisor to the finance minister and CEO of the Pakistan Crypto Council, is tasked with advancing Pakistan as a crypto-friendly economy. The govern...
Pakistan has appointed Bilal Bin Saqib as the special assistant to the prime minister on blockchain and cryptocurrency, marking a significant step towards establishing a crypto-friendly economy. Bin Saqib, who also serves as chief advisor to the finance minister and CEO of the Pakistan Crypto Council, brings notable credentials including a London School of Economics degree and recognition in Forbes’ 30 Under 30.
In tandem with this appointment, the government plans to allocate 2,000 megawatts of surplus electricity for bitcoin mining and AI data centers. This initiative aims to generate revenue, create high-tech jobs, and attract foreign investment, spearheaded by the Pakistan Crypto Council.
Adding further momentum, former Binance CEO Changpeng Zhao has joined the council as an advisor. Zhao's involvement follows his recent release from a U.S. prison sentence linked to anti-money laundering violations, and his participation underscores Pakistan’s serious intent in the crypto space.
However, Pakistan faces challenges amid a 45% decline in foreign direct investment over the past year. In response, the government has hired a U.S. lobbyist to enhance relations and attract investment, with the interior minister recently appealing directly for increased U.S. engagement.
Pakistan also established ties with the Trump-affiliated crypto project World Liberty Financial (WLF), signing a memorandum of understanding that explores the use of WLF’s stablecoin for trade and remittances within the country. Bilal Bin Saqib took an advisory role with WLF shortly after a visit by its co-founder Zach Witkoff.
Despite these developments, controversy has surfaced. Reports alleging that Zhao facilitated introductions for World Liberty’s foreign travels were publicly denied by Zhao, who referred to such claims as “hit pieces.”
Overall, Pakistan's recent moves highlight an ambitious push to harness blockchain and cryptocurrency technology as tools for economic revival, foreign investment attraction, and job creation, positioning itself as a rising player in the global digital asset landscape.