#Pakistan

Pakistan appoints special assistant to PM on blockchain and crypto

Pakistan Prime Minister Shehbaz Sharif appointed Pakistan Crypto Council CEO Bilal Bin Saqib as his special assistant on blockchain and crypto.

Saqib’s appointment takes effect immediately under Rule 4(6) of the Rules of Business, 1973. He has been granted the status of minister of state and will serve without salary or official benefits, according to a May 26 report in the English-language local news outlet, Pakistan Observer.

The move follows a series of government initiatives aimed at strengthening Pakistan’s presence in the digital asset space. Just one day prior, Pakistan allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers.

In mid-May, Pakistan’s Ministry of Finance also endorsed the creation of a dedicated body to regulate the country’s blockchain-based financial infrastructure. The Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing, regulate exchanges, custodians, wallets, tokenized platforms, stablecoins and decentralized finance applications.