ISLAMABAD: Defense Minister Khawaja Asif said on Friday Pakistan was in “daily contact” with Gulf countries including Saudi Arabia, the United Arab Emirates (UAE) and Qatar, as well as longtime ally China, amid growing fears that the worst confrontation in two decades with India could escalate further.
Tensions between the nuclear-armed South Asian neighbors have been at fever-pitch since Wednesday when India struck multiple locations in Pakistan in response to a deadly Apr. 22 attack targeting tourists in Indian-administered Kashmir that killed 26. New Delhi blames the attack on Islamabad.
Pakistan, denying any involvement in the Kashmir violence, said it shot down five Indian fighter jets in retaliation for the Indian strikes. Violence has escalated since, with both Pakistan and India accusing each other of carrying out waves of drone attacks.
World powers from the US to China have urged the two countries to calm tensions.
“On a daily basis we are in contact with our brothers in the Arab Gulf,” Asif said while addressing the National Assembly. “Similarly our foreign minister, who is also the deputy prime minister, is in daily contact with UAE, Saudi, Qatar and even China.”
He added that Türkiye, China and Azerbaijan had “declared open support” for Pakistan while the rest of the world was staying “neutral” in the conflict.
Asif said the Iranian foreign minister had visited Pakistan this week and “discussed various options” to de-escalate tensions.
US Vice President JD Vance on Thursday also reiterated the call for de-escalation.
“We want this thing to de-escalate as quickly as possible. We can’t control these countries, though,” he said in an interview on Fox News show “The Story with Martha MacCallum.”
The Saudi minister of state for foreign affairs Adel Al-Jubeir is scheduled to visit Pakistan on Friday.
Al-Jubeir was in India on Thursday and met Indian Foreign Minister Subrahmanyam Jaishankar, who said he “shared India’s perspectives on firmly countering terrorism” with him.
The relationship between India and Pakistan has been fraught with tension since they gained independence from colonial Britain in 1947. The countries have fought three wars, two of them over Kashmir, and clashed many times since.
The countries, which both claim Kashmir in full and rule over parts of it separately, acquired nuclear weapons in the 1990s.
Pakistan says in ‘daily contact’ with Gulf states, China as hostilities rise with India
https://arab.news/j2xw4
Pakistan says in ‘daily contact’ with Gulf states, China as hostilities rise with India
- Defense minister says top officials speaking regularly with UAE, Saudi, Qatar, China
- Saudi minister of state for foreign affairs to visit Pakistan on Friday after Delhi visit
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.
