ISLAMABAD: The Pakistan government announced on Wednesday that it had denied a request for use of its airspace for Indian Prime Minister Narendra Modi, to fly over Pakistani skies for a flight to Germany.
The request had been submitted by the Indian government last week, following six weeks of heightened tensions between Pakistan and India, following New Delhi’s move on Aug. 5 to abrogate the partial autonomy of Kashmir, a region both countries own in part but claim in full.
In a video message, Foreign Minister Shah Mahmood Qureshi said the decision had been made “keeping in view the situation in occupied Kashmir,” and called it a “violation of rights in the region.”
Earlier this month, Pakistan denied the use of its airspace to Indian President Ram Nath Kovind for his flight to Iceland, citing similar reasons.
Keeping in line with international law, such requests are usually granted.
In February this year, Pakistan closed its airspace to Indian traffic following a dogfight in the skies over Kashmir that brought the two nuclear-armed South Asian countries to the brink of war. It reopened its skies for all civilian traffic in July, ending months of restrictions that had affected major international routes and thousands of travelers.
Pakistan denies airspace to Indian PM amid Kashmir buildup
Pakistan denies airspace to Indian PM amid Kashmir buildup
- Indian President was also denied Pakistani airspace earlier this month
- Tensions heightened between India and Pakistan after New Delhi revoked Kashmir's special status on August, 5
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
