Pakistan’s minister of state for crypto and blockchain, Bilal Bin Saqib, met with officials from the United States of America to discuss rules concerning the blockchain industry. According to reports, the minister also had a meeting with New York City Mayor Eric Adams.
According to reports inside Pakistan, the minister held discussions concerning blockchain with United States Senator Cynthia Lummis, who is a key architect of the US crypto regulation. Senators Bill Hagerty, Rick Scott, Tim Sheehy, and Jim Justice were also present at the meeting in Washington, DC.
According to the press release made available on Friday, Saqib also engaged in several discussions with members of the Financial Services Committee at the White House.
Pakistan’s crypto minister discusses blockchain regulation with US officials
During the discussions, he mentioned the country’s intention to be a global leader when it comes to cryptocurrencies and blockchain. “From Capitol Hill to the White House, I shared a new face of Pakistan: one driven by youth, innovation, and global partnerships,” he said.
He also discussed the recent initiatives undertaken by the country with the US officials, including Pakistan’s plans to establish its strategic Bitcoin reserve.
In addition, Saqib also talked about the steps that Pakistan has taken towards the establishment of its virtual asset regulatory framework and the adoption of stablecoins to streamline the country’s remittances.
According to the press release, the country sees more than $36 billion in annual remittances, owing to its booming freelance sector.
Meanwhile, in a separate meeting with New York City Mayor Eric Adams, Saqib discussed the challenges and approaches to the growing digital asset industry in the country. He mentioned that the sector opens up a high-potential market, but the country needs to be careful about how it decides to approach it in terms of regulation, so it can help it and not stifle its growth.
During the meeting, which took place at Mayor Adam’s residence, Saqib noted that the Pakistan Crypto Council is willing to work with New York City to aid regulation and innovation.
Crypto collaboration on the horizon in the country
New York and Pakistan have both launched their respective crypto councils, as they aim to ensure responsible growth of their digital asset sector. The meeting marked a step towards direct collaboration between the two councils, with plans to develop knowledge-sharing, capacity-building, and policy advisory initiatives.
The visit to Gracie Mansion concluded his official US tour, which focused on blockchain innovation, public-private partnerships, and international crypto cooperation.
Over the past few months, the country has set up several initiatives as it aims to regulate the crypto industry. After setting up the PCC, it set up the Pakistan Digital Assets Authority to regulate blockchain-based financial infrastructure to ensure the FATF-compliant and responsible adoption of digital assets.
The PCC meeting held earlier this month touched on various subjects, including a draft framework to regulate the sector.
The meeting was attended by Finance Minister Muhammed Aurangzeb, who also serves as the chairman of the PCC. He discussed the formation of a technical committee comprising representatives from SBP, SECP, law, and IT & telecom divisions to review draft laws and propose a robust framework and governance structure for digital assets.
The PCC also convened a meeting last week to discuss confusion surrounding its crypto policy. The development came after internal arguments over the legality of holding digital assets in the country, a stance that the State Bank of Pakistan has clarified.
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