Indian army reports ‘first calm night’ after Kashmir truce with Pakistan holds

Debris of a scooter damaged by a cross-border shelling lies on a road in Poonch near the Line of Control (LoC) between India and Pakistan, May 8, 2025. (Reuters)
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Updated 12 May 2025
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Indian army reports ‘first calm night’ after Kashmir truce with Pakistan holds

  • India, Pakistan agreed to a ceasefire on Saturday after worst fighting between neighbors in decades
  • Both sides accused each other of violating ceasefire hours after it was announced by US President Trump

POONCH, India: The frontier between arch-foes India and Pakistan was peaceful and had the “first calm night in recent days,” the Indian army said Monday, after a surprise weekend ceasefire.

The truce was agreed to on Saturday after four days of missile, drone and artillery attacks between the two countries which killed at least 60 people and sent thousands fleeing.

It was the worst violence since the nuclear-armed rivals’ last open conflict in 1999 and sent global shudders that it could spiral into full-blown war.

There were initial doubts as the two sides accused each other of breaching the ceasefire just hours after it was unexpectedly announced by US President Donald Trump on social media.

“The night remained largely peaceful across... Kashmir and other areas along the international border,” the Indian army said.

“No incidents have been reported, marking the first calm night in recent days,” the statement added.

It was also the second straight night without gunfire or shelling at Poonch, the frontier town in the part of divided Kashmir administered by India.

Poonch was one of the worst-hit regions in the latest conflict, with at least 12 residents killed and most of the estimated 60,000 residents fleeing their homes.

On Sunday, people started trickling back to the town, although many still remained worried that the ceasefire would not last.

The alarming spiral toward all-out conflict began before dawn on Wednesday, when India launched missile attacks destroying what it called “terrorist camps” in the Pakistani part of Kashmir.

This followed an April 22 attack on tourists in Indian-administered Kashmir, which killed 26 civilians.

India accused Pakistan of backing the attack but Islamabad denied involvement and immediately responded to the strikes with heavy artillery fire.

It claimed to have downed five Indian fighter jets — something New Delhi has not commented on.

Militants have stepped up operations in Kashmir since 2019, when Indian Prime Minister Narendra Modi’s Hindu nationalist government revoked the region’s limited autonomy and took it under direct rule from New Delhi.

Divided Muslim-majority Kashmir is claimed in full by both countries, who have fought several wars over the territory since their independence from Britain in 1947.
 


Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects 

Updated 05 December 2025
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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.