ISLAMABAD – Prime Minister’s Special Assistant on Crypto and Blockchain, Bilal Bin Saqib, has clarified that the government of Pakistan is not spending any money to purchase Bitcoin. Instead, the country plans to utilize the Bitcoins that have already been seized within its territory.
Bilal Bin Saqib while talking to a local private TV explained that Pakistan is not investing in Bitcoin directly. Rather, it aims to support foreign companies investing in Pakistan by supplying them with electricity for crypto mining operations. He emphasized that crypto-currency is traceable and transparent, and not regulating it poses a greater risk.
He further stated that a Crypto Council has been formed in Pakistan to examine and propose regulatory pathways.
Addressing concerns about illicit activities, he pointed out that the global misuse rate of crypto for illegal activities is just 0.024pc, compared to 2–4pc for cash, making crypto-currency far less likely to be used in money laundering.
Bilal noted that a lack of understanding of crypto-currency stems from its status as a new technology.
“There is a wide gap between decision-makers and tech-savvy youth,” he said.
“Countries embracing crypto are already seeing its benefits. Their economies are performing better than Pakistan’s.”
He stressed that not regulating crypto is a major risk, and by implementing proper regulation, Pakistan could move towards establishing AI-powered data centers.
“Our youth are a valuable asset,” he added. “If we don’t provide them with training, opportunities, and clear policies, they could become a burden.”
Discussing the government’s strategy, Bilal reiterated that no funds will be used to purchase Bitcoin.
“We will make use of Bitcoins already seized in Pakistan by placing them into a National Bitcoin Wallet,” he explained.
“Once mining begins under a public-private partnership, any profits generated by the government will be stored in this wallet.”
He also revealed that donations from around the world are being collected and will be deposited into the wallet.
He said, “People want to support Pakistan because they believe the country can use this technology effectively.”
Bilal Bin Saqib confirmed that the regulatory framework being developed is aligned with FATF (Financial Action Task Force) policies.
“This is a great opportunity for Pakistan to establish its global standing in the tech space,” he stated, adding that six other countries have reached out to Pakistan for collaboration, and the country is ready to assist them.
