Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, visited Washington this week, holding high-level meetings with prominent US officials and lawmakers to strengthen collaboration on digital assets, blockchain regulation, and financial innovation.
The minister engaged in discussions with Senator Cynthia Lummis, a leading figure in US crypto legislation, as well as Senators Bill Hagerty, Rick Scott, Tim Sheehy, and Jim Justice – all known proponents of blockchain innovation.
A news release issued on Friday confirmed that he also met with members of the House Financial Services Committee and key White House advisers.
“Pakistan is not waiting to catch up — we are here to lead,” Minister Bilal affirmed. “From Capitol Hill to the White House, I shared a new face of Pakistan: one driven by youth, innovation, and global partnerships.”
The talks centered on Pakistan’s recent initiatives in the digital finance space, including plans for a Strategic Bitcoin Reserve, the development of a comprehensive virtual asset regulatory framework, and the adoption of stablecoins to enhance remittance efficiency.
With annual remittances totaling $36 billion and a rapidly expanding freelance sector, Pakistan aims to establish itself as 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 underscores Pakistan’s proactive stance in shaping the global digital economy alongside major players, leveraging its young demographic and technological potential.
This engagement comes as Pakistan, during a recent high-level meeting of the Pakistan Crypto Council (PCC), initiated the drafting of a comprehensive regulatory framework for digital and virtual assets. This marks a significant move by the government to formally oversee the burgeoning cryptocurrency ecosystem.
A technical committee, comprising representatives from the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), Law Division, and IT and Telecom Division, has been established. Its mandate is to review draft laws and propose a robust framework and governance structure for digital assets.
This framework is expected to encompass various aspects, including licensing, compliance, and fostering innovation within the digital asset ecosystem, with the dual objectives of protecting investors and promoting financial inclusion.
The initiative aligns with a growing global trend towards regulating digital assets and follows recent developments in Pakistan, such as the unveiling of the country’s first government-led Strategic Bitcoin Reserve and the establishment of a national Bitcoin wallet.
While cryptocurrencies are not yet officially regulated in Pakistan, this proactive step signifies a clear intent to formalize the sector and integrate it into the national financial landscape.
