Indian minister Jaishankar rules out bilateral talks with Pakistan during SCO summit

India's Foreign Minister Subrahmanyam Jaishankar speaks during a press conference after the Quad Ministerial Meeting with his counterparts from the US, Japan and Australia at the Iikura Guest House in Tokyo on July 29, 2024. (AFP/File)
Short Url
Updated 05 October 2024
Follow

Indian minister Jaishankar rules out bilateral talks with Pakistan during SCO summit

  • Pakistan had originally invited Narendra Modi along with other international leaders to the summit
  • Jaishankar says the Indian PM typically attends such high-level meetings, but it sometimes changes

ISLAMABAD: India’s External Affairs Minister Subrahmanyam Jaishankar said on Saturday he would not hold bilateral talks with Pakistan during his upcoming visit to Islamabad this month to attend the Shanghai Cooperation Organization (SCO) Summit.
His statement came only a day after the authorities in New Delhi announced his visit to Pakistan amid frosty relations between the two states to participate in the multilateral forum.
Pakistan had originally extended the invitation to Indian Prime Minister Narendra Modi along with other international leaders to attend the summit that will be held in Islamabad on October 15 and 16.
Jaishankar’s visit to Pakistan will be the first by a high-ranking Indian minister in nearly a decade. The last one was Sushma Swaraj, who traveled to Islamabad in December 2015 to attend a conference on Afghanistan.
“It (visit) will be for a multilateral event,” India Today quoted him as saying. “I’m not going there to discuss India-Pakistan relations. I’m going there to be a good member of the SCO.”
The Indian minister said Modi typically attended such high-level meetings involving heads of state, adding that the norm sometimes changes.
Relations between India and Pakistan hit a major low in 2019 when New Delhi revoked Article 370, which granted special autonomy to Muslim-majority state of Kashmir.
The South Asian neighbors have fought three wars, including two over control of the disputed Kashmir region in the Himalayas. New Delhi accuses Islamabad of aiding and abetting Islamist militants fighting Indian rule in the region, a charge Pakistan denies.
Last year in May, Pakistan’s former foreign minister Bilawal Bhutto-Zardari visited India to attend an SCO meeting in Goa.
While Bhutto-Zardari did not meet any Indian leaders, he and Jaishankar used the forum to trade blame for their strained relations.

With input from Reuters.


Pakistan launches crypto testing framework to regulate digital assets

Updated 59 min 23 sec ago
Follow

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.