ISLAMABAD: Imam-e-Kaaba Sheikh Saleh bin Humaid arrived in Islamabad on Wednesday on a four-day visit to “further strengthen the brotherly relations between Pakistan and Saudi Arabia,” state-run APP news agency reported.
Sheikh Saleh, who is also an adviser to the Kingdom’s Royal Court, has previously served as the head of Saudi Arabia’s Shoura Council and president of the High Judiciary Commission.
“During his visit, Imam-e-Kaaba is scheduled to lead the Friday Prayer at the iconic Faisal Mosque,” APP reported.
“He is set to engage in meetings with key figures, including the President, Prime Minister, Chief of Army Staff, and other high-ranking officials.”
Born in the Saudi city of Buraydah, Sheikh Salen became a Hafiz-e-Qur’an at age 20. He holds masters and PhD degrees from Makkah’s Umm Al Qurra University and was appointed an imam at the Masjid Al Haram in 1983.
Imam-e-Kaaba arrives in Pakistan on four-day visit
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Imam-e-Kaaba arrives in Pakistan on four-day visit
- Sheikh Saleh is scheduled to lead Friday prayers at the iconic Faisal Mosque
- Imam-e-Kaaba will also meet key figures like the PM, president and army chief
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.
