ISLAMABAD: The United States said on Tuesday it encourages diplomatic engagements among its partners and supports the upcoming visit of Saudi Crown Prince Mohammed bin Salman to Pakistan, expected sometime this month.
The statement by State Department Spokesperson Matthew Miller was issued in response to a question about diplomatic activities in the region, including Iranian President Ebrahim Raisi’s official tour of the South Asian state.
The Saudi crown prince’s visit to Pakistan is likely to occur amid high-level exchanges between the two countries, as Islamabad seeks foreign investment to address its economic challenges.
“We always support diplomatic engagement between our partners,” Miller said during a media briefing. “I don’t have any further comment on the visit between the Saudi crown prince to Pakistan, but it’s – that kind of diplomatic engagement is routine and something that we support and encourage.”
“But when it comes to Iran, of course, while we welcome regional de-escalation, we’ve seen the outbreak of limited conflict between Iran and Pakistan,” he continued. “We do remain skeptical about Iran’s intentions given its continued destabilizing behavior broadly in the region.”
Last month, Raisi arrived in Pakistan on a three-day official visit as the two neighbors sought to mend ties after unprecedented tit-for-tat military strikes in January. The visit also took place as tensions were running high in the Middle East after Iran launched airstrikes on Israel that retaliated with its own attack on Isfahan.
Pakistan and Iran are also working on a gas pipeline project agreed between them in 2009 amid the threat of US economic sanctions.
Pakistan’s Deputy Prime Minister Ishaq Dar said on Tuesday the government in Islamabad would continue to pursue its own interest as a sovereign state.
He also confirmed the Saudi crown prince’s much-awaited visit to Islamabad was on the cards and could materialize “any time” during this month.
US supports Saudi crown prince’s visit to Pakistan amid regional diplomatic activities
https://arab.news/mt2nc
US supports Saudi crown prince’s visit to Pakistan amid regional diplomatic activities
- Matthew Miller says the US always encourages diplomatic engagements among its partner countries
- He expresses skepticism over Ebrahim Raisi’s Pakistan visit due to Iran’s ‘destabilizing behavior’ in region
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.
