KARACHI: The government announced on Wednesday the appointment of a lead adviser to Finance Minister Muhammad Aurangzeb on the Pakistan Crypto Council to develop policy measures ahead of adopting digital currencies, according to an official statement.
The crypto council is a proposed advisory body the Pakistan government is considering establishing to oversee the development and regulation of the country’s digital asset ecosystem. The initiative aims to ensure Pakistan’s engagement with digital assets is secure, compliant and sustainable.
This appointment of the adviser also signifies a shift in Pakistan’s stance on cryptocurrencies, moving from previous resistance to a more open and regulatory-focused approach.
According to the finance division’s statement, Bilal Bin Saqib, a Web3 investor and strategic adviser recognized by Forbes, has been named as the lead adviser. He featured in Forbes 30 under 30 and received an MBE (Member of the British Empire) in 2023 for his contributions to the UK’s National Health Service. Saqib has background in blockchain and digital finance, making him well-positioned to guide Pakistan’s approach to cryptocurrency regulation.
“Mr. Saqib’s appointment underscores our commitment to embracing emerging technologies while ensuring a secure and transparent financial system,” the finance minister was quoted as saying in the statement. “We are confident that his leadership will guide the development of a sound and effective regulatory framework, fostering innovation and sustainable growth in Pakistan’s crypto sector.”
As the chief adviser, Saqib will contribute to policy development for integrating cryptocurrency and blockchain into Pakistan’s financial system while ensuring alignment with global regulatory standards.
He will also advise on leveraging artificial intelligence (AI) to enhance government efficiency and decision-making processes.
“Cryptocurrency and blockchain technology hold immense potential for Pakistan, particularly for the youth, who are the driving force behind our nation’s digital future,” the finance minister’s newly appointed adviser said. “With the right strategies and regulatory framework, we can empower our country’s youth, foster economic growth, and establish Pakistan as a leader in the space.”
Pakistan has maintained a cautious stance on cryptocurrencies in the past, citing financial security and regulatory risks.
However, the government has acknowledged more recently the presence of over 20 million active digital asset users in the country and aims to address challenges such as high transaction fees through proper regulation.
Pakistan appoints adviser as it moves to set up national crypto council
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Pakistan appoints adviser as it moves to set up national crypto council
- Appointment signifies a shift in Pakistan’s cryptocurrency stance, moving from resistance to a regulatory approach
- Bilal Bin Saqib will also advise on leveraging AI to enhance government efficiency, decision-making processes
QatarEnergy announces force majeure following Iran attacks: statement
DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.
“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.
QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.
Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.
The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.
On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.
Qatar shares the world’s largest natural gas reservoir with Iran.
QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.
In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.
