Pakistan commits to cricket venue upgrades ahead of Champions Trophy amid ICC delegation visit

Sarah Edgar (2L), Senior Manager for event operations at International Cricket Council (ICC) and manager Aun Zaidi (L) along with Usman Wahla (C), Director of International cricket at Pakistan Cricket Board (PCB), review preparations for the 'Champions Trophy 2025' at the Rawalpindi Cricket Stadium in Rawalpindi on March 27, 2024, Pakistan is due to host the eight-nation Champions Trophy in February 2025. (AFP)
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Updated 27 March 2024
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Pakistan commits to cricket venue upgrades ahead of Champions Trophy amid ICC delegation visit

  • PCB’s Mohsin Naqvi vows to arrange ‘top-notch facilities’ to suit the tournament’s stature before hosting it in 2025
  • The ICC delegation is currently visiting the country to inspect venues and facilities for the international championship

ISLAMABAD: The Pakistan Cricket Board (PCB) will upgrade three major cricket venues in the country before hosting a major international tournament next year, said its top official on Wednesday after a meeting with an International Cricket Council (ICC) delegation in Lahore.

Pakistan is making preparations for the ICC Champions Trophy 2025, an important international cricket tournament, often referred to as the mini-World Cup. The competition involves the top eight one-day international (ODI) teams from around the world, offering a shorter, more intense series of matches compared to the Cricket World Cup.

Originally held every two years, the ICC Champions Trophy shifted to a four-year cycle from 2009, aligning with the World Cup schedule.

“Pakistan is set to host an ICC Tournament which is an absolute pleasure and a welcome development not just for the board but also for the fans across the country who are an important stakeholder in this sport,” PCB Chairman Mohsin Naqvi said. “The PCB will arrange top-notch facilities as per the stature of this historic tournament.”

“I am delighted to announce that the PCB will upgrade the three major venues in the country well in time before the start of ICC Champions Trophy 2025,” he added. “The PCB will leave no stone unturned in making this a very successful and memorable tournament.”

Naqvi met the ICC delegation visiting the country to inspect venues and facilities for the tournament.

Cricket is the most popular sport in the country, with roots stretching back to the colonial era, and has become a part of daily life for many Pakistanis. Cricket matches, especially those involving the country’s national team, draw immense attention and passion from the public.

Many of the top Pakistani players in the past have become national icons, inspiring generations of players and fans alike. The sport’s significance is also reflected in its vast sponsorship and commercial support, making it a lucrative sector within Pakistan’s economy.


Pakistan launches crypto testing framework to regulate digital assets

Updated 59 min 23 sec ago
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Pakistan launches crypto testing framework to regulate digital assets

  • Regulatory ‘sandbox’ to let firms test crypto products under supervision
  • Move comes amid broader push to formalize Pakistan’s digital asset sector

ISLAMABAD: Pakistan’s Virtual Assets Regulatory Authority (PVARA) on Friday launched a crypto testing framework to regulate digital assets, allowing firms to trial new products and services under official supervision.

The initiative, formally structured as a regulatory “sandbox,” creates a controlled environment where companies can test crypto-related services under the oversight of the regulator before full-scale approval.

According to PVARA, the sandbox will support real-world use cases including tokenization, stablecoins, remittances and on- and off-ramp infrastructure.

Tokenization refers to converting real-world assets into digital tokens on a blockchain, while stablecoins are cryptocurrencies pegged to a fiat currency to maintain a stable value. On- and off-ramp infrastructure allows users to convert between fiat money and digital assets, enabling the practical use of virtual asset products.
“The Pakistan Virtual Assets Regulatory Authority has formally approved and launched its Regulatory Sandbox for virtual assets,” PVARA said in a post on X. “Sandbox Guidelines and the application process will be published shortly on our website.”

 

 

The move comes as the government seeks to build a formal regulatory framework for digital assets while attracting investment and strengthening oversight of the sector.

Pakistan has stepped up efforts recently to regulate its digital asset sector and is exploring digital currency initiatives as part of broader measures to reduce cash usage.

In January, Pakistan signed a memorandum of understanding with a company affiliated with World Liberty Financial, a crypto-based finance platform launched in September 2024 and linked to US President Donald Trump’s family to explore the use of a dollar-linked stablecoin for cross-border payments.