Islamabad: The Minister of State of Crypto and Blockchain, Bin Saqib Billal, met with the main US legislators and the mayor of New York City this week to strengthen cooperation in digital assets, blockchain regulation and financial innovation.
The minister maintained the discussions with Senator Cynthia Lummis, a key architect of American cryptographic legislation, as well as senators Bill Hagerty, Rick Scott, Tim Sheehy and Jim Justice in Washington, DC.
Saqib also promised members of the Chamber Financial Services Committee and White House Advisors, according to a press release issued on Friday.
He said that Pakistan is “here to lead” the world of Crypto and Blockchain.
“From Capitol Hill to the White House, I shared a new face of Pakistan: one driven by youth, innovation and global associations.”
The discussions of Mr. Saqib with US officials focused on the recent initiatives of Pakistan, including plans for a strategic Bitcoins reserve, a regulatory framework of virtual assets and the adoption of Stablecoin to rationalize remittances.
With $ 36 billion in annual remittances and a booming independent sector, Pakistan aimed to become a center for responsible digital finances, according to the press release.
Meeting with the Mayor of New York
In a separate meeting with the mayor of New York City, Eric Adams, Saqib discussed challenges and approaches to grow the economy of digital assets in various markets of high potential, according to an official press release.
During the meeting, which took place in the official residence of Mayor Adam, the two leaders explored opportunities to develop knowledge exchange initiatives and capacity construction programs to promote innovation while guaranteeing regulatory compliance.
This meeting could pave the way to establish a direct collaboration between the New York Crypto Council and the Crypto Council of Pakistan (PCC): two agencies backed by the government committed to exploring possible cases of use of web3 for the public service, added the press release.
SAQIB is the executive director of PCC.
In recent months, Pakistan has taken multiple initiatives to regulate and accelerate virtual assets.
The Government has already established the Digital Assets Authority of PCC and Pakistan to regulate blockchain -based financial infrastructure to guarantee responsible and compatible adoption with FATF of digital assets.
A PCC meeting held earlier this month discussed the draft regulatory framework for digital and virtual assets in Pakistan.
The meeting, chaired by the Minister of Finance, also discussed the establishment of a technical committee formed that includes representatives of SBP; SECP; Divisions of laws and IT and telecommunications to review the bill and propose a solid framework and a government structure for digital assets.
Posted in Dawn, June 7, 2025
