Pakistan ready for future technology, digital economy: Bilal

HONG KONG: Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib has said Pakistan is ready for future technology and the digital economy.

Addressing the Bitcoin Asia Conference in Hong Kong, Bilal Bin Saqib said Pakistan was moving forward to understand emerging financial and technological changes and strengthen its capabilities.

He said Pakistan had established a regulatory framework for virtual assets in less than six months.

According to Bilal Bin Saqib, around $200,000 was spent on developing and operationalising the new regulatory framework, while nearly 92 per cent of the approved budget remained unused.

He said Pakistan’s objective behind establishing a Bitcoin strategic reserve was not to purchase large amounts of Bitcoin, but to prepare the country for the financial system of the future.