ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Saturday the country could not ignore the rapid growth of digital assets, pointing out that about 15 percent of citizens were already involved in the sector, prompting the government to work on a regulatory framework for virtual investment.

The minister’s remarks came at the Leadership Summit on Blockchain and Digital Assets in Islamabad, where he highlighted the need to harness emerging technologies to align Pakistan’s economy with global trends.

He said the government’s role was to provide a regulatory framework and enabling environment, while the private sector and youth were expected to drive innovation.

“When you see 20 to 25 million citizens of this country participating in this activity in one form, shape or the other … you cannot ignore that,” he said in his address to the conference.

He added the realization that “10 to 15 percent of the citizens of this country” were investing in virtual assets led to the genesis of the discussion on cryptocurrency in Pakistan.

Aurangzeb said the government had already established the Pakistan Crypto Council and the Pakistan Virtual Asset Regulatory Authority, whose inaugural meeting is scheduled on Monday, August 25.

A draft bill on digital investment and virtual assets is also being submitted to the Senate Standing Committee on Finance and will soon be moved to the National Assembly for approval.

The Pakistani finance chief described the expansion of digital assets as part of Pakistan’s entry into the “new economy,” stressing the importance of transparency, clear rules and learning from international models.

“I’m very clear that the private sector has to lead this country, and the government just needs to provide the ecosystem,” he added.

Aurangzeb noted it was vital for Pakistan to accelerate its economic journey by embracing new global trends, though he also maintained that “we must go into this with our eyes and ears open.”